Category Archives: Thoughtleadership and Content Marketing
I guess it makes sense that happy customers = $$$ but now there is a book that goes into the who, what and why of it.
Bernd Schmitt a professor, speaker and author latest book is Happy Customers Everywhere and draws on the latest research in the exploding field of positive psychology. SCHMITT offers three unique approaches any business can use to turning a casual customer into a committed fan:
The Feel-Good Method: Use the experience of pleasure and positive emotion to hook new customers, and watch those feel-good moments transform a casual customer into a committed loyalist
The Values-and-Meaning Method: Attract passionate customers by appealing to their core values, like being socially responsible, protecting the environment, or living a simple life
The Engagement Method: Get customers to notice a unique or limited offer, immerse them in the experience, and have them share it with friends and family.
Schmitt shows marketers, brand managers, and entrepreneurs how to design an authentic and successful campaign that will reach, grow, and sustain a devoted base of customers.
Here is a podcast I did with Schmitt about his book:
Video interview here.http://youtu.be/j69oPtIg7bA
“The marketing industry is advancing at an unprecedented rate, creating seemingly insurmountable gaps in marketing talent, technology and strategy. The job of marketer is more challenging than ever before; things like changing customer expectations, proliferation of media outlets, greater customer power, globalization and media fragmentation are making it harder and harder to create a message that will be heard. The result: marketers are largely unprepared for the marketing paradigm shift happening now.”
Today requires a new type of marketer to do better marketing Overwhelm is commonplace for today’s marketer. Paul Roezter new book, The Marketing Performance Blueprint is an awesome guide to asking some of the right questions to ensure you have marketing that is effective.
Paul from PR20/20 has run his own agency and so knows how broad marketing is but also understands how we now need to be performance driven and should measure everything we do. We now have the data, and Paul has a great dashboard to assist us make sense of those drivers that shape effective marketing.
I was speaking with a small business today about their google adwords and they said; “Dan I paid all this money and I don’t know if it is working and I don’t even know what to look at to know.” This is a comment that is not uncommon for small businesses. Understanding the elements of your marketing be it; Adwords, SEO, email marketing, networking, trade-shows, SMS, telephone message or whatever and measuring its effectiveness will only allow you to alter those things to make better marketing decisions. Paul’s book is all about understanding and managing the marketing process and measuring what matters.
Listen to my podcast with Paul to gain more insights.
Visit the PR20/20 website to learn more about the book and download a free chapter.
Blog worth reading: Overcoming Extinction
There is no excuse for a “spray and pray” approach to marketing any more. We are becoming increasingly frustrated with a one fits all approach especially when our digital footprint provides insight on our preferences. Companies that fail to use insight and analytics to tailor information and offers accordingly will be left behind.
Amazon have been catering to our needs, purchase history and preferences for ages. Using NBO’s (next best offers) in suggesting what would be of interest to us in up/cross selling offers and in the process are creating more compelling, precise and effective marketing. Yes it is still a learning process but their experimentation means they are leaders in creating offers that are personalised and relevant to our experience online. Part of this is due to the research they conduct and tools to create personas.
Because so many companies treat customers in a generic way, those who take the time to segment their market, look at how they want to be communicated to and make relevant and timely offers have the upper hand. Not only do they have a competitive advantage but they are more profitable.(www.hbr.org). Businesses in general lack the personal touch of the past, building long term customer relationships by knowing customers well. Today we need to achieve the same level of customer intimacy but leverage technology and data to do this.
According to Gartner, the business intelligence market (including data warehouses and CRM analytics) is growing nine percent per year. While it was worth $57 billion at the end of 2010, it will surge to $81 billion by 2014 and as high as $136 billion by 2020.
“Another area that is changing the business intelligence market is demographics. Millennials (ages 20 to 30) now comprise 20 percent of the workforce, but their ranks will swell to 40 percent by 2020.The graduating high school class of 2011 spent all of their school years with pervasive access to the Internet – they don’t know a world without information at their fingertips,” said Sallam. “You tell them to go to the library to use the card catalog, and they look at you if you told them to go use an abacus to calculate the square root of 1,058.”Enterprise Today
Collecting data on our customers does give us insight to make better marketing decisions but we need to keep a balance between what is considered helpful and useful and what is an invasion of privacy. A controversial example of the insights that can be achieved through predictive analytics is from US retailer Target. The company successfully predicted one of its customers was pregnant before her father knew when using predictive analytics to apply a pregnancy prediction score to new parents-to-be. Video on this example.
So there is a line about how much information to collect or predict however as a small business it is worthwhile starting to collect information on a database. It is also worthwhile subscribing to articles and listening to industry experts on your customer segment. Dig deeper and see what you can find out about them.
For smaller businesses go here
Why your customers by from you and not your competitors is a key strategic marketing question that is harder to answer than ever before.The competitive landscape has changed and commoditisation of products and services has given rise to the focus on customer retention and differentiation based on the “how you provide a service or product”.The shift away from an industrial, upstream model toward a customer-centric one has been under way for some time now. Niraj Dawar argues in his new book Tilt that most companies still look for competitive advantage where it used to be: through activities related to products and new product creation. But today’s advantage comes from interactions of a different sort—those you have with your customers. Companies that recognize and move on this shift win.
Key strategic questions that I earmarked in reading Tilt by Niraj Dawar are as follows:
1. Why do your customers choose you? Make sure it is not table stakes.
2. What business are you in? What business do your customers think you are in? How have they defined you? The answer you give to this question is predictive of how you see your business strategy
3. How is profitability measured? By customer or by volume?
4. Where do you spend most of your effort and energy? – on the service or product you sell or on understanding your customers and consistently delivering value to them by asking one fundamental question: What else do our customers need?
“Today manufactures can replicate the looks and feel of an innovative product and print it to market for a fraction of the price, in a fraction of the time it use to take. Even Nike and HP manufacture their products in Asia.” Tilt pg 178
- How we distribute a product: Nespresso
- How we store a product: iTunes
- How a product or service is delivered: Audible, Spotify
- How a product is consumed: Coles new ready made meals
- How we dispose of a product or service: eBay
Niraj states the value equasion is VALUE= WHAT+HOW
6. How close are we to our customers and understanding them? If you sell through a channel that is made harder. Nespresso had the Nespresso club to sell direct first which gave them invaluable data on who their customers around who buys their coffee and at what price. They changed the coffee making market by understanding the pain of getting out of bed and getting dressed on a Saturday morning to stand in line and pay $4 for a espresso and risking that they are closed or run out of stock. Kodak didn’t understand their customers and so focused on a need that was surpassed.
7. Do you focus on scale or scope? Niraj makes the comment that it is not how many widgets you sell but how you deliver on the needs your customers have and scope your deliverables around that. What are the costs and risks they face in doing business with you? How can you eliminate these? How do you make it easy for your customers to choose you?
“Businesses rarely pay enough attention to customer costs and risks because these aspects of a transaction tend to be invisible to a sell too.”Tilt g806
This is where strategic service design can uncover those opportunities and create a competitive advantage that is hard to replicate.
Listen to my podcast with Niraj here:
Video on Tilt strategy
Your culture can make or break your brand but more importantly it can attract the right people who want to work for you and can helps people deliver their best work.
- Have you considered whether you are creating a purposeful culture?
- Have you got a list of values that are active and don’t just consist of lip service?
- Do you make decisions according to your values?
- Do you hire and fire for values?
- Do you have a personality to your company?
- Is it important to create a company you love?
- What are our shared beliefs?
- Is making money your highest priority or do you have a higher motivation?
- What is your global vision and local vision?
Whether we like it or not a culture will be created, so why not create it?
Isn’t it important to rally the troops around one goal?
- Zappo Culture Book
- Creating a Loveable company
- Tristan White Physio Culture Book
- Employee Journey Mapping
- Workshop with Dan – Values, Vision and Mission
- Internal comms too important to leave to chance
- Branding from the inside out
- Podcast with Tristan White on company culture
- Branding goes beyond marketing