“Get what you want” – making sense of VRM!
February 3rd, 2009 by chris_robsonIsn’t it strange that the language that people are using to describe the concept of the consumer having more control over how their information is used, is so unfriendly, namely VRM, CMR or SRM! One could be forgiven for giving up now!
But although the language is over complex, this concept is going to become very a big and exciting topic of discussion in 2009 . It may just be that a brilliant copywriter is required to turn it into every day language.
The recession should start to exacerbate the problem of acquiring and retaining customers and this is where VRM will start to play more of a role. Potentially VRM forces companies to think differently about how they engage with customers and see the opportunities from having a more honest dialogue. I have long thought that many businesses would benefit from trading more openly with their customers. For example why wouldn’t a retail bank ask me if I would be prepared to stop using personal cheques in return for some other benefit? Personal cheques are expensive to manage and very environmentally unfriendly. I would happily trade this service for something else and most banks would give up this costly service for another that they can operate more efficiently. A win-win!
VRM may be odd language, but it can certainly unveil interesting ways for busineses and customers alike to get what they want. We look forward to many discussions of this type in 2009.