The reputation management company understands that there has been a changing marketing landscape due to four major developments such as digital age, rapid globalization, ethics and social responsibility and not-for-profit marketing. When it comes to the digital age, there are many advances in computers, telecommunication information and transportation. Nowadays, there are different types of customer research tracking, product development, distribution, new advertising tools today and there are many 24/7 marketing through the internet. The other challenge involves rapid globalization meaning there are many geographical and cultural distances have shrunk. There is greater market coverage, options for purchasing and manufacturing, there is also an increased competition from foreign competitors. Another challenge involves the ethics and social responsibility aspect since marketers need to take a great responsibility for the impact of their actions. Being a caring company for a cause that relates to you is a way to differentiate your company. The last challenge involves not-for-profit marketing since many non-profit organizations are realizing the importance of strategic marketing. Strategic marketing for not-for-profits involves performing arts, churches, hospitals, government agencies and colleges.
Customer equity involves the total combined customer lifetime values of all of the company’s customers which is very important with the changing marketing landscape. Due to the digital age and advancements in technology, the reputation management company is able to have their own business and be involved in such a niche market. It is important for the company to be able to build customer equity by building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized. There are different types of customers that require different relationship management strategies since you need to build the right relationships with the right customers so that they come back and become loyal customers to your business.