Business shift during the first decade - 2

The decade gone by saw the era of informed customer dawning. Thanks to internet, cable tv, 24x7 news channels, news on desktop and above all Google, the customer can get as much information as he can about any product or organization. Organizations of the past used to exploit the information asymmetry, when they new more than the customer or when they deliberatively kept the customer in the dark. Today, the shoe is on the other foot. Modern day customer knows more about a company's product than the company itself, for he scours the internet discussion forums and reviews prior to making the buying decision - and the Company just doesnt have the organizational capability to track all the positive and negative reports that are available on the internet and develop the appropriate strategy. This has ensured higher quality, better processes and innovative marketing strategies, all of which augurs well for the customer. Companies are developing strategies to listen to the customers through rating scales, opinion polls, limited customization through the Web. One advantage the Companies have in conducting these research is that they are cheap to execute as putting up a poll on the website hardly costs anything to the firm. Inexpensive feedback is a goldmine.