3 types of customer-centric markets

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3 types of customer-centric markets

In some of my articles that I have posted in the past, I have left no one in doubt as far as what customer relationship management is all about.
CRM is about making marketing, Sales and customer service otherwise known as Front Office to work together in order to serve customers across multiple channels.
You are trying to ensure that customers are getting the same benefits irrespective of the channel that they have chosen to interact with the organization.
customer-centric markets
In this article, I want to look at the three mega-markets that customer-centric enterprise is likely to have at any given time.
There are three basic customer-centric markets in CRM. These are:
  • The individual consumer market.
  • The Business market.
  • The government market.
One thing I would like to say about the market is that, although they are different, they are likely to overlap.
At times, these customer-centric markets have different customers, different expectations, competitors, sales and market among others.
Most of the time as well, the customer-centric markets are likely to overlap. The President of a country, for example, is likely to be having a savings or current account somewhere. He is also a signatory to the country’s account.
One thing you should know again is that the way organization treat the mega markets are different. Take for example, as a savings account holder, you are not entitled to an Account Officer.
A whole organizational unit can be set up to manage a government or business market.

Let’s enter….

The individual market as part of customer-centric markets

The market is the market of individuals who relate to a bank on individual bases. The bank does have profitable and unprofitable customers in this category.
Looking at banks, attention is focused on the current account customers because they believe they are more profitable than other types of customers.
None of the banks has really taken the time to find out the value of the individual customers in the individual market category.

I have my current account with GTBank but to my Diamond bank people, where I have my savings account, I am an unprofitable customer and I deserve no attention.

The business market as part of the customer-centric market

The banking sector also has the business market who are also part of the mega market in the banking sector. They are part of the business sector of the bank but their own business need is different.
Most of the times, they might need loans to expand their business. Some of them compel their staffs to open an account with a particular bank before they could have access to their salary.
The business account holders are also given preferential treatment as they are assigned Account Officers who are meant to raise the exit barrier for these valuable customers.

Government market as part of customer-centric markets

This is the most profitable segment of the mega market. Of recent, we have seen what the implementation of Treasury Single Account has caused the Nigerian Banking sector.
When the law was made that all government account should be domiciled in the Central Bank.
This form of business is referred to as Government to Business (G2B). It is also tailored to meet the need of government agencies that are operating them.

Banks and customer-centric environment

Most of the times. These banks liaised with other private individuals to provide solutions that meet the need of this government customers. The basic thing is that organizations must recognize the different segments that exist in their businesses.
They are to personalize the various services that they offer in order to do business from customers’ perspective.
One thing that you should know is that when creating services for the different organizations’ mega market. You should afford the creation of organizations’ silos.
You should know that despite the fact that they are separate markets, there always point of intersection between the three mega markets. Hardly can you separate them.

Action Point

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