Read on to know more about Customer Asset Management and why the "Customer" is always an asset!

1. Customer Asset ManagementWhy Customers Are Assets

3. Customers don’t feature in financial statements

4. Believe customers belong to the marketing & the service department at the best

6. Poor or inconsistent regulatory framework to protect against customers vis-à-vis financial mismanagement

9. Has multiplier potential can bring referral business

10. No predefined output potential can consume multiple products

14. Market saturation: No scope to grow by merely expanding into new geographies

15. Sustained high customer attrition rates

17. What Can Change The Mindsets RecognisingDrucker’stimeless words of wisdom – Profit is the outcome of creating a satisfied customer and not the end adjective of business Realising that there are no results in the walls of an organisation. The end result of a business is a satisfied customer : Peter Drucker

18. What Can Change The Mindsets Acknowledging that the only person who pays all the bills/debts of the organisation is the customer Understanding that marketing only creates promises and not customer loyalty Recognising that loyalty is created only through customer centric behaviour on the part of the entire organisation

19. What Can Change The Mindsets Realising that customer loyalty is not possible without employee loyalty and thus investment in training and development and empowerment of employees is critical towards attaining a sustained competitive edge Customer satisfaction sure linked compensation for entire organisation Mandating customer facing “time” for all employees at regular intervals Recognising and rewarding customer centric behaviour

20. Data Capturing & Mining Investing in periodic customer satisfaction studies Investment in analytical tools Training front – End staff Rigorous review mechanism for data sanctity Rewarding customer for furnishing personal data

21. Data Capturing & Mining Rewarding customer for elongating tenure Robust time bound escalation mechanism for unresolved customer issues Research to understand customer situations/settings and not just usage behavior

22. Mass Customization Extensive use of segmentation tools to identify affinity groups Customized products Customized engagement processes for adoption of the products by different customer segment Understanding that its customer centric people who create effective mass customization and not sophisticated analytical tools

23. New Marketing Paradigm Marketing needs to now focus on not just “what” the needs is but “how” does the customers go about satisfying that need. Need to enhance the product definition of a product or service to “providing customer solutions / experience”