The customer is cash, not king. Instead of investing more in customer relations we have to choose which relations we should invest in and which we should not invest in, suggests Fred Selnes, Professor in Marketing.
For ages now, marketing consultants have been pushing the slogan: the customer is king. That is why firms have invested considerable sums in developing good customer relations in order to keep them. Much of this is wasted effort, claims Fred Selnes, who wants to pull the customer down from the royal throne. He is Professor in Marketing at BI Norwegian School of Management.
“The customer is cash, not king. Instead of investing more in customer relations we have to choose which relations we should invest in and which we should not invest in. We have to find out how we can maximise the value of the customer portfolio, and we have to take into account the potential for future value creation that lies in customer relations,” says Selnes, who with Professor Michael Johnson from the University of Michigan has published a research article on optimal customer portfolios in the Journal of Marketing, the top academic journal in marketing.
Fred Selnes | alfa
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