Learn more about business with this collection
How to analyze churn data and make data-driven decisions
The importance of customer feedback
How to improve customer experience
Customer is king
The old 4 Ps framework must now be replaced by the 4 Cs framework focusing on customer value, cost, convenience and communication.
- Customer value: Forge long term enviable customer base. One such example could be Apple.
- Cost: Price of the product is not the only cost. Effort and time involved in acquiring, setting up, using, storing, and disposing of a product is as important. Lower it.
- Convenience: Make your product as easy as possible for the customer to purchase and acquire.
- Communication: Ensure that the relevant information reaches the right consumers
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Make your product more appealing by positioning it uniquely
- Do you want to be the low-cost leader or the luxury provider?
- Align your product to a specific benefit. For example, the Head & Shoulders shampoo brand positions itself as good for eliminating dandruff, which makes it appealing to co...
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Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.
BETH COMSTOCK, FORMER CMO & VICE CHAIR, GE
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Discovering and marketing a product idea
All marketing can be categorized into one of three types: responsive, anticipative, or need-shaping.
- The invention of the washing machine is an example of responsive marketing fulfilling a pre-existing, laborious task of washing clothes.
- Perrie...
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Research is crucial to identifying marketing opportunities
If you intend on bringing a new product to market that claims to fulfill a consumer need, then you actually need to know what that need is.
This is the method that Toyota used when it deployed researchers to hang around supermarket parking ...
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_Build something 100 people love, not something 1 million people kind of like_
BRIAN CHESKY, CO-FOUNDER & CEO, AIRBNB
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Focused marketing campaign by selecting a target market
If you supply menstrual products, then your marketing is obviously only going to be effective on part of the population; it’s this group that you want to target.
If the target market you choose is too narrow, you risk not having enough customers to be able ...
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Improve your long-term marketing strategy
It’s essential to figure out what went wrong and what went right in order to make corrections and improvements in the future. The most rigorous and effective way to do this is to perform a marketing audit.
To begin a market...
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5 steps to turn into a marketing success
- Research market opportunities
- Choose your target market carefully
- Decide on a unique positioning
- Implement marketing tactics, and
- Audit the results.
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