To strengthen their brands, marketers have no other choice but to continuously improve their value propositions. The brands that are first to move into Relationship Management will be furthest along in their “learning relationships” with these best customers, and will thus be in the best position to take and keep the best customers.
Not only will these brands enjoy the “halo effect” benefit of always being considered to have pioneered this level of service, they will also always have a longer learning relationship with their customers than their competitors. “First mover” advantages are the benefits that can accrue to a company for being the first to make a competitive move.
The success of Brand Relationship Management is closely related to the integration of a comprehensive Customer Relationship Strategy, and the effective collection and utilization of customer information to derive an understanding of customer needs and expectations. In other words, it is critical to –
- Unlock the marketing potential of the customer data.
- Turn this data into actionable information.
- Encapsulate this information to support strategic marketing decisions.
- Turn the gained knowledge into a competitive advantage.
