Rapid changes in technology are changing
the way that consumer industries Define, Discover, Acquire and Retain customers.
In this article I will present a number of options that marketers can pursue in order to succeed in the digital market. The consumer is now expecting to obtain access to brands and products through the digital channel of their choice and to be able to engage with, influence and provide feedback on the experience throughout the entire lifecycle of their experience from discovery through to purchase and after sales service.
Many business leaders believe that the transition to the
digital market is happening at such a rapid pace that they are scrambling to
keep up. Whilst this may sound like a death blow for many typically intransigent
organisations, those that are prepared to embrace the change will provide
themselves with a distinct competitive advantage that others will follow.
The opportunity lies in the fact that through digital
marketing, companies can gain access to detailed
data on the consumer and consumer behavior and provide detailed feedback on the
degree of success of a marketing campaign that was simply not available to them
in the past.
The digital market allows a marketing department to not
only gather data on their products and consumers, but it also allows them to
obtain feedback through a number of channels at a fraction of the cost. Merely
looking at the potential ROI on advertising expenditure through channels where
access to data is almost unlimited must be appealing to even the most cost
conscious businesses. Imagine a scenario where you can not only market and
sell a product through multiple channels, but you can constantly evolve and
refine the quality of the products and your sales process through the feedback that the consumer provides to you at
a fraction of the cost.
The distinct advantages that come through embracing the digital
channel also
comes with an expectation that organisations can identify the correct channel
to engage with their consumers, respond rapidly to the information that they
gain as a result of it and be prepared to build the lessons learnt into all
aspects of their business operating model.
There are essentially three digital marketing models Digitizers,Customizers and Product
Leaders that will ensure
success in the digital market and organisations may utilise elements that are
present in each of the models in their total marketing expenditure.
Digitizers – consumer products companies that focus on brand equity
and the strength of an existing brand. They want to continue to increase the
level of engagement
with their customers through
an existing brand with a renowned presence in the market. They will focus on
all available digital channels in order to identify new customers and interact
with them in a number of ways, they not only use the maximum available digital
channels to acquire customers but to retain their existing customer base.
Specifically these companies leverage the power of social media to promote
their products via the social media network of their existing customer base.
Customizers – Use customer
data and patterns of behaviour to identify customer needs and respond to them
when and where the customer need arises. They offer tailored solutions before
the customer feels like shopping around. These companies build their business
based on strong relationships with their customers. They have outstanding
customer service and pride themselves on it. (Financial Services, Retailing,
Entertainment, Travel and Transportation) They focus on website optimisation, search engine
optimisation, social media
optimisation and
mobile applications. Specifically these companies leverage the full spectrum of
digital media channels in order generate new demand and maintain their existing
customer base. The power of geo fencing which will enable companies to promote
their products when customers enter a defined geographical area will be of
specific significance to them.
Product Leaders – Use customer
data and digital marketing channels to roll out new products and services. They
use interactive digital media to design, sell and market new products and
services, the
market perceives their brand as having the cutting-edge products with superior
features – justifying premium prices. . (Luxury Brands and Consumer based Technology companies) They will leverage the power of social and digital
media to develop innovative new products and enhance existing products based on
the feedback that they receive from their customers. The marketing department
is effectively growing the value of the company by providing superior products.
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