There has always been a focus to have a long term relationship with customers so as to generate more revenues by making sales. This has been a practice for a long period of time and every company tried to work on that, but now the focus has moved to a new concept of Collaborative Marketing. This has made the companies to think beyond the old concept and to have more customer involvement in whatever services they offer or products they manufacture.
Collaborative Marketing is all about involving your customer to customise the product and service according to the requirement of the customers. This proves to be a greater assistance for companies as they now don’t have to search customers for their products by going for specific target group. They can directly give their product/service according to the requirement.
Procter & Gamble has created the "P&G Advisors" program to collaborate with customers in developing new products. Customers try new products and provide feedback, allowing P&G to refine products and marketing plans.
Collaborative Marketing has gained more prominence by using the internet. The customers can now give their requirement and the reach by companies and vice versa has also increased. This facilitates companies to have a greater customer involvement and develop more customized products.
Even the companies have started to save on their R&D cost as customers directly tell their specific needs and what they want so a larger part of expense is saved. The time which was used to know what is required by customer and then to develop and again test is all reduced. So in all the Collaborative Marketing has made companies to look beyond Relationship Marketing and be more customer oriented.
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