Marketers are on the Beach Head – Digital is in The Main Street

The Beach Head: Enterprise Marketing Strategy. Traditionally Enterprise Marketing Strategy used to be based on Market Identification, Positioning & gaining Market Share. Customers were identified by Type, Segment and Clusters, Transactional Behaviour and Channels of distribution,

The Market Tactics deployed were based on the the ability to successfully traverse The Chasm to the Main Street. Where the ‘choice pickings’ were perceived to be.

Whilst still a valid approach today for most Organisations and Enterprises it is a sound structured relatively easy approach to gain Market Entry & Share.

 

tornado-bowling
Inside the Tornado (courtesy of Geoffrey Moore)

Now bring in the Change Element driving business agenda’s today.

A new challenger is in The Main Street. Disruption and Digital Re-Invention.

New Disruptive companies are business models like Uber (doesn’t own a Taxi) , Airbnb (doesn’t own any hotel real estate) and Amazon ( doesn’t even own any inventory) Disruption is changing the Customer purchase propensity and his relationship with the brand and the Enterprise – the business model is changing and Digital Re-Invention.  Coupled with Cognitive and the IOT the Enterprise is able to devise Digital strategies that change the way Customers Interact, Communicate by channel & media of choice, Empathises with the Brand and becomes a true Customer Advocate.

Digital Transformation and Digitalisation coupled with a collaborative Ecosystem is the new DNA which Enterprises are embracing. In a recent study with a Bank it was reported on average that every $1 spent on Digital initiatives returned a $10 ROI.

It is understandable with this kind of ROI and the need to differentiate that Enterprises are prepared to be Disruptive and embrace Digital Strategies and Tactics to change the business to achieve commercial success.

As Robin Williams once said: Seize the day

Customer Lifetime Value is still a valuable metric (LTV)

Customer Engagement is about understanding who your customers really are and the value they bring to the organisation.

Net Promoter Score or traditional LTV models using predictive analysis are one of the ways to look at LTV.

As a practitioner I still prefer the traditional LTV model for customer acquisition to estimate retention (“LTV”) of a customer.

Roughly defined, LTV is the projected revenue that a customer will generate during their lifetime to determine true value and worth.

Below is an interesting example in an Infographic.

How To Calculate Customer Lifetime Value

Managing Customer Experience is about knowing who your customers are and the value they represent to you.

Retail purchases via mobile phones will increase to $689 Billion by 2016. http://wp.me/p3aCAV-2o

Mobile is a great influencing factor in retailing trends and a key preference for consumers.

Mobile helps provide real data targeting opportunities 33% of smartphone owners have shared their location details with favoured Retailers to make themselves available to promotional messages and personalised communications.
Loyalty coupons are in growth mode with 18% of consumers having redeemed a mobile coupon within their chosen Retail outlet.

Watch this space.

What do you think-your comments welcome as always.

Customer-Centricity – is the mobile wallet the way of Loyalty in the future? http://wp.me/s3aCAV-2

What does it mean to be “customer-centric” as an Airline or Business? Assuming that you start with a quality product and service, being customer-centric means understanding the customer’s point of view and respecting the customer’s interest. You fix problems, handle complaints, and remember individual customer preferences. Customer Loyalty programmes assist in this objective.

But customer centricity isn’t merely a matter of adding up these different components of quality, service, insight and responsiveness. You can introduce all these ideas into your business model, but if you don’t grapple with your company’s most basic strategic objective, then sooner or later your efforts will fail.

In the past I’ve found it helpful to explain the contrast between customer centricity and product centricity by understanding three criteria that actually help organisations to differentiate themselves from the competition. If you think about it, for a business to be competitively successful, it must meet three criteria:

  1. It must be able to satisfy a customer’s need
  2. It must identify a customer who wants that need satisfied
  3. Organisations must communicate in the media of preference and choice.

In this world of immediacy that we live in is the mobile wallet the way to go for customer loyalty in the future?  What are your views

‘ The Sphere of Influence’ – what really impacts our daily lives? http://wp.me/p3aCAV-3n

What influences and impacts our daily lives, Friends, Business Co workers, Loved ones, the Media?

It would appear it is all of these;

Commonly referred to as ‘ The Sphere of Influence’ diagrammatically illustrates this point.

Between friends, family, and an ever-increasing influx of media the influences on us are harder and harder to quantify.  This simple infographic breaks it all down.

Sphere of Influence

Your comments are welcome as always.