Customer Centric Marketing Drives Purchases
That’s right! Focus on the customer, and it will drive purchase behavior. I know it probably sounds as obvious to you as it does to me; however, it’s always nice to back up “feelings” with a little bit of research.
Don’t you love it when you come across research that validates your efforts? I was excited but not at all surprised when I saw this recent MyBuys study indicating that the ability for retailers to engage customers in 1 to 1 conversations across the customer lifecycle & all touch points increases buyer readiness, engagement and sales activity.
According to the study, 40% of the respondents said they would buy more from retailers who comprehensively personalized the shopping experience across channels. Let’s face it– most of us are bombarded with promotions offering discounts from products and services we never intend to use.
While there is more to comprehensive personalization than just promotion, offering relevant discounts is a powerful way to extend the customer life cycle. Personalized promotion can extend beyond pure discounting to include buy one get one offers, free trial for other products and services. For example, offer an opportunity to extend the household value of customer relationships.
Key Factors to Extending the Customer Life Cycle
There is no question that getting the right product at the right price at the right time are among the most important customer centric marketing practices. This study discovered there was also a connection to the right channel.
Purchases increased based on the impact of specific channels:
- 21% from personalized emails
- 11% from website recommendations
- 8% when experienced across channels
These are pretty impressive numbers, suggesting it makes sense to pay attention to program specific and portfolio metrics. Consumers are busy; increasingly they are looking for brands that appropriately use a combination of personal and behavioral data to deliver value.
All of this evidence emphasizes the importance SoLoMo marketing . Read The SoMoLo Game Changer for details about how real opportunity is found at the intersection where social mobile and local are linked together.
Personalized Promotion Strategies Recognize there isn’t a Single Definition of Value
Personalized promotions factor in key variables like price, usage, and convenience to arrive at an offer that provides the most utility according to the unique values of each consumer household.
Tailored experiences result in greater profitability through increased retention resulting from higher levels of satisfaction. Satisfied customers tend to spend more and recommend these brands to their networks.
Customer Centric Marketing Encourages and Empowers Advocates
With the current penetration levels of smart devices, customers are starting to demand more relevant experiences. Unfortunately most consumer expectations are ahead of what retailers are able to provide.
Even incremental improvements in specific channels can make a difference. If you aren’t able to offer a comprehensive customer centric marketing program, begin to tailor communications based on the data you do have.
Start by segmenting communications based on past experiences; tailor messages to interests. Then pay attention to consumer behavior and adapt the messaging accordingly.
Without a doubt, the customer sits in the sweet spot in today’s marketplace. Marketers who are intentional about a customer-centric approach, aiming to stay in front of customers will have a competitive advantage. How can you take your efforts to be customer-centric to the next level?