Bet you thought customer loyalty was an important marketing objective. So did I. Surprise! 😮
According to McKinsey & Company, “Consumers, including those you may have thought loyal, are considering someone else’s offerings more often than you realize.”
It appears that “new technologies and greater choice are changing how consumers are thinking and acting across their consumer journeys.” This is especially true for online purchasing where shopping apps “showcase options, simplify pricing, compare product specifications, and facilitate peer reviews is making it possible to size up brands effortlessly.”
That makes online comparison shopping very easy. As an example, last week I purchased an item from a seller who priced the product 35% lower than all other vendors! Now, that’s a big savings. Continue reading
I know. It’s not a common question. And, what does it mean anyway? Does it mean being customer-oriented, customer-focused, and having a customer-centric mindset with the people your business or organization serves?
According to the new MarketingSherpa Customer Satisfaction Research Study, there’s a new term on the marketing scene called, “customer-first marketing” and it’s supposedly different from “customer-centric marketing.”
Customer-centric marketing puts the customers at the center of marketing; all promotions and messaging flow towards them in the way that is most relevant to them. Marketers put themselves in the customers’ shoes to sell to them better.
Customer-centric marketing typically consists of:
- Assessing customer needs
- Maximizing efficiency
- Understanding needs and wants of customers
- Co-production and self service
Customer-first marketing uses the customers’ goals as the compass to make decisions about marketing approach. They put the long-term interest of the customer above the short-term company conversion goals. Marketers put themselves in the customers’ shoes to serve them better, thus building a long-term, sustainable competitive advantage.”
In this approach, “customer needs come before the immediate gain of a business, and customer knowledge guides product development, business and marketing decisions.”
Do you “get” the difference or is this simply semantics? Frankly, I always believed that customer-centric marketing meant putting customers at the center of every action and always focusing on their needs.
I came up with a new feature called, Friday Facts in #Marketing. Each Friday, I’ll post new research facts on marketing-related topics that can affect your small-medium business or nonprofit organization.
This week’s facts come from the MarketingSherpa Customer Satisfaction Research Study, completed in December, 2016 and recently published. Get a load of the fact in orange. Looks like marketing budgets focused solely on digital channels may NOT be the most effective! Continue reading