Member Article

60% of firms are reconsidering how to identify customers

The proliferation of new customer communication channels, including social networks, microblogs and wikis, has led to a deluge of information, according to a new study.

Customers are sharing not only their opinions about the brands with which they do business, but their ideas for new products and marketing strategies as well.

Beyond improving how they respond to customers, companies that are able to interpret and act upon these insights can also enhance how they develop new products and operate their businesses.

As a result, this new wealth of information is forcing a majority of companies to reconsider how they determine the value of their customers.

This is the main finding of a new report, Redefining customer value: corporate strategies for the social web, produced by the Economist Intelligence Unit and sponsored by SAS.

“Executives realise that customers need to be approached in new ways, to give them a greater opportunity to share insights and ideas about new products and services,” said Debra D’Agostino, managing editor of business research at the Economist Intelligence Unit and editor of the report.

“However, companies still struggle with how to measure the actual value of that effort, or how to create processes that allow for the easy transfer of customer insight across the enterprise. Firms that can find ways to do this will have an edge over their rivals.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .