Making sense of Marketing in 2019
Whether you have been in business for a while or are only new to your game, we have all learnt how marketing is the crucial conduit between companies and consumers.
Business Dictionary helps explain marketing as the management of goods and services, from concept to consumer, consisting of “the 4 P’s”: Product, Price, Place, and Promotional Strategy.
And a good strategy is never set in stone allowing it the flexibility to respond to ever-changing market conditions so inevitably, marketing has solidified itself as a booming industry that in turn, is ever evolving.
Unmistakably, the introduction of the internet affected many businesses and industries and in many ways. Andrew Leone, CEO and Founder at DispatchIt, Inc., noted the consumers' changed expectations driven by online ordering and delivery with his comment:
"In the last 10 years, the customer journey was flipped on its head . . ., These new technologies forever changed our expectations about the customer experience."
The internet is ever evolving as well, and although most have been swift with the social web, mobile technology has been reportedly growing at rates faster than any other technology to date and shifting almost complete power to the consumer along with it.
This empowerment of mobile technology may find your once happy customers are suddenly demanding higher value with expectations of more personalised and informative experiences.
So, How Do You Keep Your Customers Happy? By Growing WITH them!
Responding to this shift in power by concentrating marketing efforts to include a more nurturing approach, effectively treating the consumer as more than just a sale (or lead), allows your strategy to grow alongside your customers.
Gary Vaynerchuck, entrepreneur, speaker & marketing expert, sums it up nicely:
“The best marketing strategy ever: CARE.”
Industry leaders in Content Marketing, like Marketo.com already employing the "customer life-cycle management" approach and ditching the traditional sales funnel altogether as Ardath Albee talked about in a recent blog:
"This is why it’s imperative for . . ., marketers to shift their focus from buying journey funnels to full-on customer lifecycle management."
Julia McCoy at expresswriters.com also blogged about Content Marketing Trends where she details her four stages of The Marketing Lifecycle.
Julia details that by building a community and encouraging activity through "value-focused" content as just the first stage of your customer's journey.
How facilitating conversations and offering coupons is respecting your customers as people avoiding making them feel like a lead or worse, data.
Then, be ready for when the customer is prepared to move to action, any action, with samples, reviews, demos and offering them alongside high-quality customer service.
Continue engaging with your customers with follow-ups requesting feedback, by sending thank-you's or occasional gifts, resolving any issues and offering scheduled appointment reminders maintaining the relationship and inspiring their advocacy.
Still not convinced about shifting to Customer Lifecycle Marketing?
Some may wonder if this shift in power to the consumer could be relevant to, what seems like, so many long-standing local businesses and global brands shutting their stores in 2019? ABC News reported in February that "Australian retailers are currently going under at the rate of about one a month".
Or the heartbreaking stories of near-and-dear, long-standing local businesses shutting their doors, after decades of being in their game.
And Business Insider listed in February: The number of retail stores closing this year just doubled to more than 4000.
Then, Brian Walker, founder and CEO of Retail Doctor Group, shares some fascinating insight in his article The truth about physical store closures in retail:
"This realisation is fuelling brand growth and extension."
Good or bad, mobile technology is becoming more accessible and advanced and at rapid rates, empowering consumers and affecting all industries along with it.
Stand out from your competitors by utilising it as a new tool and growing alongside your customers keeping you ahead in your game.
Chat to one of our friendly consultants today about how we can help you keep your business alive and THRIVING - with Streetwise marketing solutions.