The Consumer World is Changing: An Oracle Corporation Perspective

Discussion in 'LoyaltyMatch' started by @LoyaltyMatch, Feb 1, 2011.  |  Print Topic

  1. The consumer world is changing, and customers are more difficult to reach, satisfy and retain now than ever before, according to Shyam Shah of Oracle Corporation. There are number of factors driving this change:

    1. Shifting behaviour

    The proliferation of web-based and new generation interactive channels (such as mobile and social media) has led to a dramatic shift in the ways in which customers research and buy products, and even how they interact with each other. To build brand loyalty and retain customers, companies must focus on delivering great online and cross-channel customer experiences.

    2. Increasing competition

    Competition is growing and becoming more global in nature. But, perhaps most importantly, the increase in competition has not been accompanied by an increase in demand. To keep their best customers loyal, companies now need to deliver superior value propositions and build up genuine competitive advantages.

    3. Growing complexity

    An explosion of new products, brands, and channels, coupled with dynamically changing customer preferences and compressed product lifecycles, is increasing the complexity of doing business. To devise effective business strategies, organizations must develop a clear understanding of their target customer segments, as well as their value and profitability.

    4. Discerning customers

    Customers are becoming more demanding, better informed and increasingly empowered. Traditional marketing is no longer working, and customers want richer and more relevant dialogues with the companies they deal with. They want their preferences to be respected and their loyalty to be rewarded. Under these conditions, so-called 'pray and spray' communications are destroying both relationships and brand value.


    Sham has identified four key factors every marketer should consider as pillars to support your loyalty strategy.

    Source: Oracle Corporation
    [​IMG]

    Continue reading...
     
  2. Somewhat obvious, but indeed neatly summarized.
     
  3. tsastor
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    tsastor Silver Member

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    Of course all this can be bypassed by buying up the competition (a la Oracle).
     
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  4. TuxTraveller
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    TuxTraveller Silver Member

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    Oracle never did like competition and really doesn't play well with others ;)
     
  5. Kagehitokiri
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    Kagehitokiri Silver Member

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    no mention of quality or value...
     

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