Grasping the elephant's nose: Key customer relationship management

Author: Feng Changzheng Huang Jianjiang
Publisher:
Publish Date: 2004-01-01
Features: We are living in an era of the customer revolution. Customers have risen above merchants and become the gods who guide the tides. They hold the power of choice, selecting and rejecting products amidst an overwhelming array of options according to their own will and preferences. They determine a company's sales, its production, and even the design of its organizational structure. In short, customers decide almost everything! For any business, the ability to provide excellent customer service is the key to survival or downfall! This revolution has come so swiftly and is so unstoppable! It is clear that we have no choice but to compromise! However, there is absolutely no need to be disheartened. While customers have become the masters, they might also bring us more opportunities. We may lose power but gain more wealth. As the saying goes, "A loss can be a gain." In the era of the customer revolution, we happily compromise. The customer revolution means challenges, but it also means more potential opportunities and wealth. Opportunities and wealth do not come knocking on your door; they only favor those with foresight, innovation, and a down-to-earth approach. In this grand revolution, the first thing we must do is to seize our customers, especially our key customers. Once we grasp them, it's like grabbing the trunk of an elephant. Just as the trunk is vital to an elephant, key customers play a pivotal role in the survival and growth of a business. So, what exactly makes a customer a key customer? By definition, key customers are the most important segment of a business's clientele. They possess certain distinct characteristics: they contribute a significant portion of the company's profits; they have a critical impact on achieving the company's goals; their departure would severely affect the company's performance; and they are potential resources for business expansion. How do you identify your key customers? How do you cater to their needs? How do you ensure their unwavering loyalty to your business? These are the pressing questions every entrepreneur must ponder. Think deeply, exert all your effort, seize your key customers, and you will seize the opportunity for success.