The new marketplace

In the new marketplace, communication and information technology will provide buyers with limitless information and give them more things to buy and more people to buy from than ever before.

In the clutter of communications and choices, sellers will find it increasingly difficult to reach and get the attention of new customers. The most successful organizations are those that are already focusing on customer retention, recognizing that their future lies in keeping and increasing the value of their customers. Customer loyalty programs and data based marketing are the strategies being employed.

Data based marketing involves learning as much as possible about the characteristics and behaviour of each customer and then using this knowledge to provide information, services, and opportunities that meet their needs and interests. Loyalty programs provide an ongoing incentive for the buyer, and an easy cost effective way to track customer behaviour.

Regular communications that provide relevant information and opportunities are valued by the customer and, in addition to increasing transaction activity, strengthen the customer’s relationship with the brand or service organization. This further increases the likelihood that communications will be welcomed and receive attention and consideration.

Organizations with large databases of customers will be actively seeking to increase their share of each customer’s time, money, and heart by bringing them information, products and services of value. They will be looking for partner organizations who have services and merchandise to offer and who are seeking to cost effectively reach and attract new customers.

Relationships are the most cost effective and responsive media for communicating and creating transaction activity. In this new marketplace, the most successful organizations will be those who either own relationships with larger groups of buyers, or who are in the business of assisting organizations in creating and strengthening relationships.

from The new marketplace
Go Direct Marketing 1995

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