Shifting to a Customer-Centric Marketing Strategy

Abstract

During the marketing classes we all have heard about the four 'P's (Product, Price, Place and Promotion) which is also known as the marketing mix. It has always been the best parameters to control the internal as well as external constraints of the marketing environment.

In today's hypercompetitive world, the four P's are no longer an effective model to penetrate and exist in a market. Through the power of mass media, channels and technology, the control has slowly shifted from marketers to consumers. This is where 'customer-centric marketing' comes into existence which is now considered as the new model for marketing effectiveness.

Customer-centric marketing

According to Chaffery1[1], "Customer-centric marketing is an approach to marketing based on detailed knowledge of customer behavior within the target audience and then seeks to fulfill the individual needs and wants of customers." It centers on the needs and wants of the customer, and not about what the marketer or seller wants a customer to buy. Thus by understanding the needs, wants and problems of the customer, businesses could gain direct insight into them and build a mutually beneficial relationship and rapport. Understanding how a customer or prospect is engaged with the brand and then tailoring resources, products, services, and communications to reflect their engagement level demonstrates a customer-centric business approach.

Thus;

• Customer-centric approach is more like creating relationship sales by understanding your consumers as opposed to product or promotional approach.

• It focuses more on the satisfaction and mutual relationship with the consumer

• Communication becomes an important factor to get regular feedback from consumer

• Will be investing on potential consumers thus avoiding vain investments on low potential customers

• Sales will be generated as a result of a solid relationship, listening and problem solving

• Consumer information will be integrated across marketing, sales, and service departments

• Integrated mass and direct communications with the customers will be made regularly

To help frame a customer-centric strategy, Forrester[2] has identified five key dimensions which marketers must focus on:

1) Establish a customer-centric marketing culture;

2) Rethink business processes;

3) Create a centralized view of the customer;

4) Use analytics to drive customer communication; and

5) Invest in a consistent measurement framework.

Why companies should change to customer-centric approach?

There are many benefits by switching to a customer-centric marketing approach and adjusting marketing practices to deliver relevant messages through multiple channels.

• The first reason would be 'an improvement in selling and experience' as there are no sales tosses

• Least expensive marketing program and improved referrals

• Marketing investment will be better aligned with customer profit potential

• Increase in profits through customer loyalty. Customers will buy over a long period of time

• Lasting business relationship

• Raises awareness and optimizes appeal

Targeting With a Laser and Not a Water Balloon

With this knowledge, you will have identified your perfect customers into groups, which will enable you to target them based upon their needs and not your products. This means you offer solutions not stuff. Everything you do in terms of developing new products or services, delivering your message over various marketing channels and hiring the right staff in the right place will evolve around this identification. Let's be certain we are on the same page by coming to an understanding.

Being successful in business begins by identifying your target. I know this sounds incredibly elementary, but it is what we need to know, in order to build the business beyond where we are. Every organization has a typical customer and a consequential lifecycle. But few have a perfect customer, or groups thereof, they have absolutely identified outside of their own mind.

Building a profitable customer relationship requires an understanding of a two sided proposition. The two sides to this relationship are quite simply, your understanding of your customer's needs and the perception they have of you or your organization. Furthermore, it is critical to realize that quantity rarely trumps quality. You need to know what your customers' needs are, how they evolve, why they have chosen you and what those customers are contributing to the success of your company. Not knowing this in detail will be very expensive. It is great to know about our customer's family, outside influences and extracurricular interests but that isn't what I mean here.

Your perfect customer can first be broadly defined by answering these two questions:

· How does what you offer solve their problems and add to achieving their objectives?

· Why would they need, what you offer, from you and not your competitor?

Then you need to narrow that list by identifying exactly who fits this mold today:

· Where your customers are geographically located.

· What products or services does each of them, derived from the previous set of questions, buy from you now? How often do they repeat that purchase?

· What does it cost you to acquire a new and nearly duplicate copy?

· What are they worth to you on an annual basis?

Your newly identified or refined perfect customer needs to be listed as specific people or businesses. You must be able to identify them by such narrow target data as income level, occupation, gender, location, questions they typically ask and the benefits they seek for the problems you can solve.

Pricing Your Artwork - Taking a Two Step Approach

How much is your art worth? If you are interested in selling your art but don't know what to ask for it, I believe the key to pricing artwork is by doing a little bit of market research. And the first place to start your research is by finding other like artists in your media. This task can be accomplished by two methods. One is using the Internet and the other is by physically visiting places where artwork like yours is being displayed for sale.

Online Research

Go to Google or any other search engine and type in the type of artwork that you do, such as, "oil paintings", "stain glass windows", or "ceramic figurines", for example. Visit the sites of these other artists and see what they are charging for similar quality and size work as yours.

Another place to do some market research online is eBay and other auction sites. These sites will help provide a realistic viewpoint of what is available and what people are actually willing to pay for art like yours. You want to find out the winning bids. This will give you insight as to what people are paying for the type of work you do.

Research on Foot

Visit art galleries in person to find work similar to yours. Keep in mind these works of art will be priced much higher to include commissions for the gallery owner. The artists will also be more well-known and will naturally command higher prices just on the basis of who they are. The gallery visit will give you a good feel of how much the higher end pieces are going for in the marketplace and will give you a price point to shoot for once you become better known as an artist.

You will also want to go to local art shows and craft fairs to find out what other artists in your media are selling their work for. Ask the vendors lots of questions and take notes. Don't neglect visiting the art studios of local artists. You can learn a lot when you talk directly to the artist, see the quality of the work they do and listen to what they can tell about where and how they market their work.

In Conclusion

By using this two-step method you'll be well on your way to figuring out the ideal price to charge for your artwork. All it takes is a little bit of research, some market testing and tweaking. There are no hard and fast rules when it comes to pricing your artwork. Try to be subjective when pricing. Test your pricing structure and ask your potential customers what they would be willing to pay for pieces of art like yours. This will result in some valuable information and ultimately lead to sales. Keep in mind your art is only worth what others are willing to pay for it. Create value in your reputation as an artist and over time the public will be willing to pay more for your work.

Mobile Marketing Helps Food Waste

How does a mobile phone save food from being tossed in the trash?

If you're anything like most businesses your probably looking at mobile wondering how it can be effective in your business. One of the best uses can perhaps have a huge impact on a problem that is estimated to cost about 47 billion per year in the US alone.

We are of course looking at the huge problem that we as a society have of throwing out food simply because we have not seen it. Sounds strange right, unfortunately it happens all too often. Our grocery stores and markets fight is battle everyday. How can they draw attention to products that need to be sold soon or else thrown out?

In the past they have had few options except for posting signs and calls to action in locations through out the store. Unfortunately this also has an adverse effect on consumer because all of the "sale" signs all end up bending together and work to desensitize a consumer to the special.

Recently we interviewed a select group of grocers and found that the average grocery store lists about 2300 "sale" signs at one time... there is no possible way that they can use that many and expect to draw any bit of attention to the products.

Fortunately using a properly configured location based marketing platform that all can change. In a recent survey conducted by Flurry analytics they concluded that mobile is growing 10 times faster then computers did in the 80's. These are staggering figures. This means that for the first time retailers and in this case more specifically grocers have a direct channel to consumers eyes

This channel also can be managed to control inventory on a store by store basis. The smartphone knows where it's at a grocer can publish their specials where a consumer can now see each of the valuable offers in their immediate area. Unlike printed material these offers can be updated as often as needed or changed on the fly once the special inventory all has been sold.

Unlike many other mobile marketing strategies these also are completely permission based offers. Meaning a consumer walks into the store and opens your app to receive the specials. You deliver valuable content when the consumer needs it the most. They are also 20-60% more likely to make a purchase when they walk in your door so it makes the most sense to make certain that they see all of the offers you have for them.

Visual Media in the Post-Penguin Web

Following Google's Penguin Update in April, many sites were greatly affected in the SERPs and have since struggled to regain their former rankings. Strong content and link quality have become more important than ever before, so webmasters have sought website SEO services as a way to restructure their online presence.

One of the strategies any good SEO service will suggest in an SEO campaign post-Penguin will be one which relies upon a combination of text-based, and visual content.

Long gone are the days when SEO could be achieved solely by stuffing keywords onto pages of questionable value or simply editing metatags. In the post-Penguin web, Content Marketing and Social Media become the most effective media for creating SERPs-friendly content.

Post-Penguin, any effective SEO strategy must leverage visual media in conjunction with more traditional methodologies. With the introduction of blended search results, combined with an emphasis on content that is shared via social media, any strategy that does not effectively make use of video and photo content, is destined to fail.

While traditional, text-based content has had long-standing authority in the SERPs, alternative content is now increasing in value to online marketers. Rich content such as video and photos are now finding more prevalence within universal search and the number of webmasters, marketers and business owners generating such content is increasing, as well.

The Value of Video

Video content providers such as YouTube, Vimeo and DailyMotion are all indexed by search engines and some content on those video sharing sites is even visible within universal search results. These videos appear in "Video Packs" which are ranked by using video SEO techniques. Titles, descriptions and keywords are important factors in determining the ranking viability and authority of video content within result pages. Going forward, video is expected to play an even larger role in Internet marketing campaigns as it continues to rise in popularity amongst Web users.

Photos in the SERPs

There is also an enhanced presence of photos in search results. Image ALT tags and relevant text on the page help to determine the ranking of photo content in "Image Packs", which are displayed on the SERP pages in a similar fashion as Video Packs. As with videos, images are likely to have greater visibility within search results in the months ahead.

For Internet marketers, this alternative content helps to supplement text and links and helps to create a rich, engaging page. As with traditional content, video and images must be original and relevant to hold real value within SEO campaigns, but they are certainly a crucial factor in building page authority post-Penguin.

Are Your Social Media Expectations Unrealistic?

Humans have always had a desire to socialize; the herd mentality. In the Bible, as soon as the world repopulated after the flood, they gathered together to build the Tower of Babel (Genesis, chapter 11). So it's no wonder social media took off! And, soon businesses realized they could speak to the masses directly and started social media marketing. But, are your social media expectations unrealistic?

When I speak to business owners, they don't totally understand the value and importance of social media; but they know they need it because it's all the buzz. So they figure they'll get someone that uses Facebook in the office and he or she is their NEW social media expert!

When they learn it's not working, they want to hire a pro for $500 a month and can't figure out why they can't find anybody. Finally, they get upset because their e-mail is not overloaded with prospects who want their product, one month into their new strategy. Sounds familiar?

So let's look at some key points: the value and importance of social media and what are realistic expectations.

The Importance and Value

In a study conducted in 2009 by Eric Qualman, author of Socialnomics, it was learned that 76% of Internet users trust more what their peers have to say in social media about a brand than what advertising or Internet searches say; only 14% gave Google and advertising prominence. What this means for you is your public will go to Facebook, Twitter, Google+ or sites like Yelp and Delicious to find out about your product or service. The question is, what will they find?

Will they find nothing, except the few people that may give their opinion based on what they've heard or read from your competition? Or, will they find people who have read some of YOUR blogs, interacted with YOUR representative and saw the replies YOU posted to other's inquiries? More importantly, will they find your information intriguing enough to follow your blog?

You see your blog will allow you to share your expertise, build credibility and trust, and get them to like you. Quite frankly, people buy from people they like and your blog shortens the sales cycle, because you don't have to tell them what you know and are good at - they already know.

Plus, you can provide customer service in plain view, eliminating other inquiries because they already saw the answer and, more importantly, that YOU CARE AND ARE RESPONSIVE! What value do you place on THAT type of PR?

Realistic Expectations

If you think you can take just anyone that knows the tools but not the strategies and tactics, and trust them with the image, positioning and brand of your company in social media, then you probably think that buying Microsoft Publisher gives you an in-house advertising department.

You want someone who is a GOOD writer that can capture your voice and essence, and can learn your business. You see, you will direct your message, but the social media professional will project it with impact, but personably. After all, people come to social media to be entertained, informed and helped. This cannot be done with automation!

You see, social media is part science and part art. The science is not ONLY knowing the technology, but understanding marketing strategies and tactics. The art part is being able to communicate it well and knowing which old-school tactics are not applicable to this new medium. This takes time to develop and a good social media professional is worth the investment - whether in house or outsourced.

Finally, unlike traditional marketing, just because "social media marketing" has "marketing" in it, it's not measured the same way. Understand that social media is about engaging people, building a relationship and fostering followers that trust you. Now let me ask you this, if you just met someone and in no time they reached for your wallet, would you trust them? But a person that you came to know may propose something and you would be amenable only because you trust and like them. The same applies to social media.

Understand that the consumer took charge! No longer is it a one-way monologue through marketing and advertising that is isolated to the one person reading the newspaper. Oh No! There are millions and they speak to each other. If they don't like your approach, they will make it known.

And, let's not forget the other values of reduced customer service cost, the shortened sales cycle, the positive PR and YOU having editorial control of your message. No watering down by some editor behind a desk at a newspaper who may have an agenda or limited column space. No sir, you post your message completely and submit it to article banks, indexing directories and through interactions with your public.

So really evaluate your strategy, look at your budget and make the proper accommodations and ensure that you are well represented. After all, the days of the 6:00 O'clock news with 24 hours to react are long gone. We live in real time and you want to make sure your message is ON TARGET!

Do You Have a Mobile Strategy?

There are 6.8 billion people on the planet. 5.1 billion of them own a cell phone, but only 4.2 billion own a toothbrush (EZtexting.com). This is an astounding statistic and gives you an idea of why so many businesses are jumping to mobile as a way to reach their customers. There are a lot of reasons businesses should have a mobile strategy.

Growth

The worldwide smartphone market grew 54.7% year over year in the fourth quarter of 2011 (IDC). There is no doubt that the sales of mobile devices have been pretty amazing. With this fast growth taking place it is no wonder that people are rushing to beat out their competitors by creating mobile products and adapting current products to meet their customers mobile needs. There are more mobile phones on the planet than there are TVs (EZtexting.com).

Personalization

Mobile coupons get 10 times the redemption rate of traditional coupons (Borrell Associates). Mobile is able to provide a more interactive and targeted experience than any other channel because consumers have to opt-in to programs to get offers and alerts. The ability to target messaging with mobile means that consumers get the information that they decide they want and this leads to successful marketing. 70% of all mobile searches result in action within 1 hour (Mobile Marketer).

Accessibility

91% of all U.S. citizens have their mobile device within reach 24/7 (Morgan Stanley). That means that you have a captive audience around the clock with mobile. This differs from other channels while a phone can be turned off just like the tv and computer people are less likely to turn the phone off giving businesses more opportunities to reach the consumer.

Engagement

It takes 90 minutes for the average person to respond to an email. It takes 90 seconds for the average person to respond to a text message (CTIA.org). The growth, personalization, and accessibility that mobile offer have given businesses an effective way to engage with their customers. Marketers are able to create more meaningful interactions for consumers and consumers are more likely to engage with them.

What should your business do about it?

Start by optimizing your website for mobile. With so many people using their mobile devices to access information it is important that your business information is there. Going to a site that is not mobile-friendly can be frustrating and cause users to leave the site soon after they visit it, so it is important to make sure your site is optimized.

Next you should look at your products and think about whether or not there are any applications you could add to your product line that would make it easier for consumers to use. You want to make sure that consumers have the easiest time possible using your products and mobile applications put your products at the fingertips of your customers.

A Peek Into the Different Printing Services Available

Printing is a method by which images or text is transferred on to different mediums. Earlier information was transferred only onto paper but with the advancement of technology, these days' images and text can be transferred onto different materials and surfaces such as fabric, canvas, glasses, plastic and more. There are different types of printing services available for different types of printing and different materials. Given below are some of the most commonly used printing services.

Screen printing:

Screen printing is also known as silk printing and works just like a stencil. Here the ink is passed through a screen onto the material on which the information has to be printed. Usually screen printing is used to print information on surfaces such as t-shirts, mugs, binders, glass, metal, ceramics, wood, paper and more. This method is not very expensive when compared to the other methods and this mainly due to the fact that inexpensive materials are used for the process. The other advantage of this method is that it can be used to print on uneven surfaces too. However the entire process is time consuming when compared to other methods.

Litho printing:

This method makes use of a design template which is prepared as per the requirement of the client. This method is also known as offset printing method and usually it is the method of choice for bulk printing especially for jobs such as magazines, newspapers as well as brochures. But this process can be bit expensive in comparison to the others as the plates have to be prepared. However the quality is the highest in this process and it is extremely fast depending on the machine and up to 50,000 pages can be processed in an hour.

Digital printing:

This method is becoming a very popular choice especially for home office or small business as well as commercial printing. Ink jet printing and laser printing are the two types of digital printing that are quite popular. As the name suggests, this method makes use of a computer, a software as well as digital printer. This method is usually opted for printing commercial advertisement materials.

These are some of the printing services offered by commercial printers these days. Depending on the type of output you require, you will have to choose the type of printing method and negotiate a price with the vendor you have chosen to ensure that you get right price.

5 Basic Tips for Effective Target Marketing

Analytics is an ever-important tool to influence customer behavior and have them act favorably to your marketing and sales goals. It doesn't hurt, too, for you to take advantage of Web-based tools, such as geocoding that allow you to pinpoint the location of your customers and leads, and target your messaging to specific regions.

But here are some basic things to do to effectively perform target marketing - you might just marvel at their simplicity!

Profile customer behavior across different channels. Every business enterprise has various types of clientele, each acting differently at different times and occasions. You can spot certain actions and apply value to them once you begin to understand what your potential and existing customers are doing. Collecting data from various channels - much like a big data warehouse - will offer you the information you need to segment your customers properly.

Know what activities and behaviors can be favorable changed. Data analysis does a great job of identifying patterns within segments and ascertaining the behaviors that can undergo transformation for profitability. Afterwards, learn how to trigger the desirable change. For example, know the reasons why a number of loyal customers begin to spend less every time they visit your store. Take action to reserve this pattern - or curtail the beginnings of it.

Test multiple strategies for optimal results. The first move isn't always the best. A case in point: when you develop a new incentive for customers to buy and spend more, it is necessary that you test different choices in terms of time frame, value, type, and delivery channel. It may take time to segment, test, and reach the right combination, but it will be worth your while.

Listen to what customers say - and do. People don't always do what they say they will, and this is an important point you must keep in mind. Wait for two months or so after analytical results of a test before you respond and act. You may receive few to no complaints on your service delivery, but this is not a complete measure of profitability. Don't rely on positive feedback alone; data will always tell you what you TRULY need to do to improve.

Continue to test and improve to remain competitive. This is a never-ending process: a strategy that may be a winning method today may be the worst tomorrow. Same applies to something that didn't test well; it might be the best way to go in the near future. Testing will optimize your marketing strategy to keep ahead of the game.
It is also recommended that you invest on Web-based tools that will save you time and manpower and bring greater results. Are you familiar with geocoding? To geocode address means providing a property-level match for practically any address that successfully standardizes. It not only improves target marketing, but also offers instant address verification at the point of entry to help improve shipping, tracking, and mailing efforts.