MARKETING STRATEGY 106: CONSUMER-CENTRIC MARKETING.

Consumer-centric marketing is a strategy that places your consumer at the center of marketing design and delivery. It is a strategy that ensures there is a healthy consumer-centric culture. It is about prioritizing customers over any other factor, using a blend of intuition, common sense, and solid data about customer behavior. You know that your customer is fundamental to your strategic success. At the heart of everything that you do and everything your organization does, should be an all-encompassing consideration of your customer.

Customer-core. Customer-centred. Customer-centric. Customer-obsessed.

Why is this strategy useful in your organization?

  1. It helps avoids the ‘one-size-fits-all’ marketing approach. This way as a marketer you are able to focus on your customers not just as a whole entity but as different individuals with different likes, wants and needs.
  2. Empowers the marketing team. Once your marketers know their target audience intimately, it then becomes easier to make content tailor made for the audience.
  3. Loyalty. Imagine being able to predict your customer’s needs. Isn’t that everyone’s desire? Where their issues can be solved without them bringing it up first. It shows that special attention is being made.
  4. Efficiency. Investing in the right acquisition channels is important when it comes to consumer-centric marketing. Different channels will give you different consumers. Some channels will give you consumers with a higher customer lifetime value (CLV), while others give you the vice-versa. Knowing which medium to invest in is important.g
  5. Proper timing. When done right, this strategy can help in ensuring that you engage with your customers at the right time using their preferred platforms. This way as a marketer you are able to track if there is any change to their likes and preferences.

COMPONENTS OF CONSUMER-CENTRIC MARKETING (CCM)

CCM is made up of 4 blocks.

  • KNOW STAGE– This is basically everything and anything that has to do with your consumers based on data you derive from available sources. Some of the data derived include;

Social media analytics. What your customers and prospects are they saying about your company, brands and products?  What are their concerns, likes and dislikes?  Who are the top influencers shaping opinions in your market?

Demographic data.Socioeconomic characteristics of a population expressed statistically, such as age, sex, education level, income level, marital status, occupation, religion, birth rate, death rate, average size of a family, average age at marriage.

Marketing behavior data– this is information employed in marketing for designing promotional campaigns based on consumers’ buying habits, brand preferences, and product usage.

FIND

Based on what you find in the know stage, you get to know the value of different customers acquired from the different marketing channels. By doing this, it then becomes possible to know which medium brings in the highest value customers and invest more in them. Marketers can then drill insights into which SEO and SEM keywords bring in valuable customers and adjust their bids accordingly.

Another way to go about this is gathering the demographic data, customer behavior, product preference and create a custom audience that will attract another audiences that is similar to their valuable audience.

GROW

In this stage, your sole duty as a marketer is to engage with customers to deepen the already existing relationship. Once you know who your customer is and what their purchasing behavior is, then you can start campaigns based on their needs. Converting one-time shoppers to become repeat buyers is usually done at this stage.

This is the most vital stage as you can turn low CLV customers into valuable customers as well as turn your most valuable customers into brand ambassadors for your business. If, and when done properly, this could turn into a win-win situation for everyone.

RETAIN

As the name suggests, this is the stage in which you as a marketer, tries to avoid as much as customer churn as possible. Losing customers is part of the business but learning how to manage the churn rate is equally important.

For you to determine how best to minimize the churn rates, we need to look at a few Key Performance Indicators (KPIs):

  1. Customer lifetime value– As a marketer, you need to determine if your marketing efforts is bringing in customers with a high or low CLV and which marketing channel is bringing in customers with a high CLV. This way, you are able to study the channel and invest more in it in order to bring in more customers.
  2. Journey mapping– Is a visual or graphic interpretation of the overall story from an individual’s perspective of their relationship with an organization, service, product or brand, over time and across channels. In journey mapping, we use three metrics to determine where a customer is in their relationship with a brand.
  • Early repeat rate

This is a metric tracking what percentage of new customers have made a second purchase by a certain fixed point in time. For example, you can set a 50-day limit to see how many first time customers will make a repeat purchase before the 50 days are over. This helps in learning how different customers behave over a similar time-frame.

  • Overall repeat rate

This is basically a measure of the depth of your relationship with your repeat customers. How many customers actually do go ahead and place another order after a certain number of days after their last order. Up-selling and cross-selling is highly encouraged at this point as it deepens the relationship between you and your customer. If you sense that a customer is losing interest, use of reinforcement triggers should be used as it makes the customer feel valuable.

  • Win-back rate

This the percentage of lapsed customers who were won back during a given period of time. Some strategies that you can use to win them back includes use of discounts, promo codes, relationship oriented messaging and smart timed promotions.

CONCLUSION

When it comes to marketing, all ideas and strategies should be placed around the consumer’s needs. This will ensure that you get high CLV customers. The number of customers churning will go down while still being able to attract and find more customers. This is a strategy that should be adopted by all organizations and marketers.

Subscribe, Like and Share

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s