WASHINGTON D.C. Creating customer value depends heavily on getting to know your customers, and providing them with what they want before they have to ask, said panelists at the Cornell University Hospitality Industry Conference session entitled “Creating Customer Value.”
During the session, which featured Pat Mene of The Ritz-Carlton Hotel Co., Agusti Miro of Accenture, Randy Petersen of Innside Flyer Magazine and Sid Yu of Marriott International, information crunching was considered a top priority in determining consumer preferences.
“We need to go further than just capturing consumer information, we need to determine preferences and move to a new platform to be successful,” said Miro.
Yu suggested further defining customer segments first to make this process easier. He said that as we approach a slowdown in business, many companies will be tempted to cut money spent across the board, but urged that instead companies “should pick their spots. Right now is a good time to be opportunistic. In down times, stronger brands get more business if they pay attention [to consumers].” (3/23/01) Shannon McMullen