 OUR TAKE -
Bang for the Buck
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Always be wary of any helpful item that weighs less than its operating manual.
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Terry Pratchett
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Last week, I introduced the idea of a transparency policy suggesting you get one if you don't already have one. (Also, check out your homework assignment: see "Ouch" - what a transparency policy should include.)
To get your creative juices flowing, I offer this AP story: "Propane users getting less for their money" Last year when oil prices surged, propane suppliers quietly reduced the amount of gas pumped (about 10%) into the tanks to maintain a price point rather than increase prices. Since that time, propane prices have fallen by about 50% but "smaller refills are still being sold by many deals, and most buyers are unaware because the tank is the same size."
The focus on price points also affects product packaging. Many grocery store products are being re-packaged into smaller sizes so the consumer is actually getting less for the same price. Indeed, the producer is free to package the product as they see fit and the propane dealer is free to sell any amount that can safely be stored in a tank. But what is their obligation to disclose?
Do you believe a transparency policy should address this? What's your take?
Gary Lemke, Publisher
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As of 4:00 p.m. on 5/25/09 |
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 NEW IN CRM
News: SAP Introduces Software to Optimize Economic Stimulus Funds
Public sector organizations are receiving economic stimulus funds and need to provide transparency into how those funds are spent while measuring the achievements of those programs. In response, SAP has released a software package to support the management and reporting of economic stimulus funds. The new package consists of a software solution designed to help public sector organizations make the best use of economic stimulus funds by delivering transparency into spending, accountability and performance evaluation. (SAP
)
News: New Survey Tells Toll Of Economic Crisis On Relationships
Results of a new survey released today by S1 Enterprise confirm that troubles in the banking sector have taken a toll on customers’ relationships with their financial institutions – and provide insights on how banks can rebuild trust and confidence. Fielded among more than 1,200 U.S. and European consumers and 54 large corporate banking customers in April 2009, the survey finds that only 9 percent of consumer respondents in the U.S. and in Europe are currently confident in financial institutions. The crisis in the financial sector is also driving a sea change in the top driver for consumer banking relationships. (S1
)
News: Advance Auto Parts Selects SPSS Predictive Analytics Software
In today’s economy, more car owners are opting to keep their current vehicle longer and invest in preventative maintenance than purchase a new car, according to a recent study. Therefore, automotive retailers need to stay one step ahead of car owners and repair shops by providing the best product availability. To help improve inventory control, customer satisfaction and increase sales, Advance Auto Parts chose SPSS for market basket analysis and to help optimize its supply chain to accurately manage inventory at warehouses and individual stores.(SPSS
)
Article: Is Your Customer Base at Risk?
In today's economic climate, you may find that prospective customers are strongly focused on downsizing and cost cutting. In the face of retrenchment, it is increasingly costly and time consuming to develop new business. Now, more than ever, it is critical to keep your existing customers close and invest in expanding business with companies that are already buying from you. But how long has it been since you seriously looked at the loyalty of your current customers? Have you earned that loyalty by consistently focusing on how to deliver value? Or have you been taking their business for granted? If you aren't sure of the answers to these questions, your current business may be more at risk than you think.(DestinationCRM
)
Article: Listening to Customers is Not Enough: You Need to Adapt and Act
Voice of the customer (VOC) is the engine that drives customer loyalty strategies such as Net Promoter. But, it's more than just identifying who loves you and who hates you and ranking them accordingly. It's about finding out why customers feel and react the way they do. This intelligence allows companies to improve the customer experience, create more relevant and successful products, and build loyalty. Despite its benefits, many companies aren't capitalizing on VOC. A recent CMO Council Report (Giving Customer Voice More Volume) of nearly 500 senior marketers around the world found that only 25 percent have adopted a formal program.(CustomerThink
)
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