Rethinking Customers – Marketer from a traditional business

Creation of Value has always started with a customer – needs based on which , we have been developing products & services , speaking about benefits for adoption , delivering them with feedback mechanisms and hoping that the good word spreads. With advances in manufacturing we also focused on driving costs down, increasing speed and quality. For a long time, the traffic has moved one way – from manufacturers towards consumers. Decisions were based on what manufacturers saw as critical to creating and sustaining value. 

The world has rapidly changed over the last few years – analog is history and in the digital world the distinction between the physical and virtual has been blurring. Almost everything around us can be equipped with computing power, connected, with data the new oxygen for both people and objects. Smart Robots have entered factories as well as websites – manufacturing & responding 24 x7, all clouds don’t precipitate and our car decides whether we are allowed to drive.

As a consumer of many brands, we ourselves are now more connected, can access & exchange information rapidly, make feedback based decisions/choices and also discuss outcomes /experiences. But what do these mean for marketers?

Let’s understand this with an example of a ‘Book Purchase’- something I do frequently.

When I buy a book what do I really buy? It’s not a book but 'Knowledge or Understanding about a topic'. Both in the analog and digital world understanding & defining a need well, is important. Why? If I am seeking knowledge, my choices might not remain limited to a book.

"Defining what a customer values is still important"

How do I decide what to read? I.e. the topic. I have observed that my need for a search can start from:

a. Going Deeper into a topic that I have been exploring

b. Contemporary Topics – gathered from my environment

c. Topics trending or being talked about in the social media

d. Someone’s recommendation

Many companies such as Amazon & Alibaba now understand behavioral patterns better creating new sources of competitive advantage.

"Information has many sources. Past behavior offers clues to future choices "

How do I search for a book? Today my choices are not limited to visiting a book store. I can start with Wikipedia, HBR, MIT Sloan Management Review or say visit LinkedIn, Twitter or Facebook. I can seek advice on WhatsApp or through a text message. I create a list of options.

What does it imply for a marketer? Your client base is looking to connect in more ways that you might currently offer. They want to connect with a purpose. This means that you need to have additional views of traditional segments through the lens of people, their interests or job contents. Hence the marketing mix, especially promotional content & distribution strategies will also need a new view.

"Traditional S, T, P Strategies, Marketing Mix need a review "

What happens when I have shortlist of books? Generally I read a synopsis of what each book has to offer. I also look at book reviews and the reputation and background of the author. I might even try to reach someone who has read the book.

What does it mean for a marketer? A potential client might want a peek into your product or service. Content of your product or what you communicate about it still matters but clients will not stop there. They will seek opinions from people who have already experienced your product and verify the credibility of your brand. Worthwhile to notice here is that advocates of a product or a brand can play a big role in increasing demand – in this case by writing positive reviews.

"Your brand is continuously evolving-Likes, Comments and Shares tell a story"

Now comes the decision making point 'to purchase or not '– My choices are driven by the format of the book, online prices ,discounts , ease of making payments and speed of getting the product in hand; I do not read hardcovers these days.

I also have another choice that is of a no-purchase. I might choose to attend a session on the topic online or physically.

What does it mean for a marketer? A client today has many channels to purchase something of value. How can we guide them to ours and how can we provide them an experience that makes them comeback to a channel?

"Clients decide between channels. Experience within a channel sticks"

After I finish a book, I am sometimes tempted to write a review on social media. In some cases, I have also voiced my view on the topic or mentioned how I have used the learning. My belief is that my reviews have given the topic more coverage or influenced people to explore.

"Positive Reviews are useful. We need more people to do so"

To conclude what can we marketers do to keep pace with the rapidly changing world of customers? Based on the context we can do some of the following:

1.    Give clients more convenient options to buy – online, through apps or even third party platforms

2.    More Options to buy creates the need to offer a good experience within a channel –physical or digital

3.    Create more ways to connect with clients and give them reasons to stay engaged- Content related to our brand matters whether it is on Facebook Twitter, Instagram, our websites or even a leaflet. It should be worth a share or a retweet.

4.    Converse with your clients physically and digitally – Listen deeply!

5.    Use data and technology to understand your clients holistically – Good suggestions influence decision making

6.    Create more avenues for your clients to give you feedback. Act on those that matter. Make them feel a part of your brand.

7.    Evaluate which of the above can be used well with your existing marketing strategies.

8.    Become technology savvy – evaluate what possibilities do technologies such as AI, IOT, IOV or Block chain offer to enhance your offerings- products, services, interactions , transactions, experience

9.    Start the Change –It is never too late! Your organization might need to change too.