Customerization

Abstract: Foreword. Preface. Acknowledgments. I. UNDERSTANDING THE CENTAUR. 1. The Centaur Awakens. 2. The Reality of the Centaur. II. NAVIGATING THE FIVE CS OF CONVERGENCE. 3. Converging of Customerization. 4. Converging on Communities. 5. Converging on Channels. 6. Converging on Competitive Value. 7. Converging on Choice. III. MASTERING CONVERGENCE MARKETING. 8. Transforming Marketing. 9. Convergence Marketing Strategies. IV. TRANSFORMING THE ORGANIZATION. 10. Designing the Convergent Organization. 11. C-Change. 12. Conclusion. Index.

Abstract: 39 \" Customerization \" tomized Web sites are seen as a great leap forward in both efficiency and customer service, they are mostly window dressing. There is the potential to do much more to truly create and manage a cus-tomized experience for customers in both the customer interface and the product and service offerings—this is the potential of what is called \" customerization. \" Financial services is just one of many industries experiencing this trend toward customerization, which is a combination of the customization of the operations and customization of the marketing and customer relationship. The first aspect—mass cus-tomization—has virtually eliminated the trade-off between tailoring and expense that was central to mass production. When Henry Ford said his customers could have any color they wanted as long as it was black, this founding father of mass production was describing the central tradeoff that defined manufacturing until recently. Standardized products could be produced far more cheaply and quickly than individually tailored work. Customized products were more expensive and took longer to receive. So customers had to choose between cus-tomized but high cost and slow delivery products and services, and standardized cheaper off-the-shelf products and services. The emergence of computer managed , flexible manufacturing techniques has narrowed the gap between customization and efficient production, even for products such as automobiles. Now, configuring whole products from scratch is extremely fast and inexpensive. Many companies offer highly customized products in a wide range of categories T Th he e C Ch ha al ll le en ng ge e o of f Yoram (Jerry) Wind The financial world is becoming personal. Sites such as My E-Loan, MySchwab, MyCiti, MyFinances (Quicken.com) are promising customized interfaces tailored to your personal needs. The old days when a small-town banker knew every customer who walked through the door are being recreated and improved on a much larger scale in the virtual world. How many traditional bankers would handle your account at 2 A.M. or give you nearly instant approval on a loan applica-tion? Today you can track your stock portfolio, monitor financial news, check account balances, pay bills, and apply for mortgages online. But as much as these new cust-Companies that ignore customerization are at risk.