Finding the money to fund your CMR initiatives means prioritizing your marketing investments based on the new rules to improve the value your customer receives, to strengthen the customer perception of your brand, and to deepen the relationship your customer has with you. There is no free lunch; CMR will have its cost. But, in most cases, the cost can be more than offset by saving otherwise wasted marketing dollars.
Determine the value of each dollar spent on marketing based on what is most important to the customer.
Make media selections by letting customers guide you to their preferred source of information.
Spend only to offer products or services you know will be of interest.
Don’t waste money on the wrong customers; invest in the ones who can be profitable for you.
Don’t try to offer the same service benefits to all customers. Learn the level of service each individual customer wants and deliver no more and no less.