Grasping the elephant's trunk -- 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, where customers have risen above merchants to become the gods who guide the tides. They hold the power of choice, selecting and rejecting from the endless array of products based on their own preferences and whims. 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 despair. While customers have become the masters, they may also bring us more business opportunities. We may lose power but gain more wealth. As the saying goes, "A blessing in disguise!" 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 the customers, especially the key customers. Once we have them, it's like grabbing the trunk of an elephant. Just as the trunk is vital to the 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 company's clientele. They possess several distinct characteristics: they account for a significant portion of the company's profits; they have a critical impact on the achievement of business 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 eternal loyalty to your business? These are the pressing questions every entrepreneur must contemplate. Think hard, strain every brain cell, and seize your key customers—the trunk of the elephant—and you will seize the opportunity for success.