Several financial products attract customers to the organization. Pricing of the products or services and product quality remains to be one of the leading aspects as to why a particular organization attracts a large number of customers. However, Fortress Investment Group utilized product personalization as a tool that would be used in attracting a large number of customers to the hedge fund company. Randal Nardone was the brain behind this strategic plan.
A significant number of customers have changed their tastes and preferences when it comes to financial products. Some of them feel that some of the products provided by the organization are risky. To avoid buying risky financial products, Randal Nardone had noted that the majority of them want to buy a particular class of products and services that met their specific needs and interests. This explains why the company embarked on a long journey of formulating personalized products.
Randal Nardone allowed customers to visit the premises of Fortress Investment Group and provide the specific characteristics of the product they wanted to use as their investment tool. The number of customers drastically increased to the point that the management of the organization was surprised by the number of customers it was receiving. All the individuals coming to the premises of the company had specific characteristics of the products they wanted adhered to, which the company did.
It was difficult to understand why a large number of customers wanted to get a specific product that was specifically made to meet their specific needs. However, after close analysis by Randal Nardone, it was discovered that most of the customers visiting the organization had been frustrated by financial organizations which were offering similar products. There was nothing different coming from financial products apart from similar products that were risky.
Randal Nardone was aware that allowing customers to choose financial investments was a strategic plan that would help the customers to be solely responsible for the results they would get from a particular product. Customers had selected their product, and there is no way they would force the company to take full responsibility for their investments.
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