New truth: Marketing begins with knowing your customer segment.
That means truly understanding the situation on the ground, country by country, state by state, zip code by zip code. For some businesses, such as banks, restaurants, or retailers, it may even mean tailoring communications store by store.
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New truth: Customers must sit at the heart of your customer journey.
We must remember that marketing is often just the beginning of a relationship with the customer. For example, we go through a journey of engaging them, converting them to a sale directly or indirectly, and then hopefully retaining them so they become advocates and potentially open to upsells and cross-sells.
Marketing must be viewed in the context of the full end-to-end journey and, where possible, work to connect the dots.
New truth: Customers expect you to have exactly what they want.
Consumers today expect that any experience will be frictionless, anticipatory, relevant, and connected. In other words, they are concerned only with getting what they want, when they want it. And they insist nothing gets in their way.
New truth: Courting customers is just like online dating.
For a long time, marketing was largely about going to as many parties or bars as you could in the hope you would find that special someone. It was a world of spontaneity, serendipity, and a lot of face-to-face encounters.
Enter online dating and, now, finding your perfect match may be less about chance and more about data and algorithms. There has been a shift from reaching new people to reaching the right people for generating leads.
New truth: You are competing with the last best experience your customer had.
Think hyper-personalised experiences. Now that companies have their personal data, people want anticipatory, personalized experiences across the entire customer journey.
Through personalized data gathering companies hope to connect with their audience in more relevant ways. Due to the changes in consumer behavior, brands are shifting towards a conversation-based approach.
However, with the introduction of AI-based technologies comes the eagerness to automate consumer processes. Brands should be careful in using this approach because automating all processes can take away the dynamic and responsive aspects of marketing that consumers have come to value.
Competition for brand recognition is fierce. While digital-native newcomers with their tech-savvy, direct-to-consumer approaches enter with ease, the traditional retailers are struggling.
A big part of the problem is the inability to connect with customers. One PwC consumer survey showed 73 per cent of respondents valued customer experience. The same survey showed that consumers are willing to pay up to 16 percent price premium for a superior experience.
“A jack of all trades is a master of none, but oftentimes better than a master of one.”
❤️ Brainstash Inc.