I am afraid the answer is yes. They do make a difference and are the target of Retailers and Telco’s as well as other major industry sectors. There are 2.5 billion Millennials Worldwide demanding and exercising their right of choice and how they shop. Brands feature heavily in their core shopping habits and are part of their DNA.
New strategies are required to reach this unique technology savvy customer buying group. Marketers are relying heavily on omni channel environments and extensive use of targeted social media.
It is a whole new segment of the universe that from a retail perspective cannot be ignored. Embrace them, meet their demands and you will have their loyalty and wallets. Ignore them at your peril.
Views and comments welcome as usual.
The Beach Head
Traditionally Marketers formulating Enterprise Marketing Strategy used to be based on Growth Market Identification, Market Positioning & Gaining Market Share – Customers were traditionally identified by; Type, Segment and Clusters, Transactions & Buying behaviour via Channel – share of voice and sentiment analysis and empathy mapping came later.
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 today and a valid strategy to gain Market Entry & Share. Things have changed. There is a new challenger in The Main Street.
Digital Disruption & Digital Re-Invention.
Inside the Tornado
New Digital Disruptive companies are breaking all the business rules and models within the Tornado.
Companies such as Uber ( who doesn’t own a Taxi), Airbnb (doesn’t own any hotel real estate) and Amazon (doesn’t even own any inventory). Are changing the way consumers think and react and interface with brands, products and services.
Digital Disruption is changing the purchase propensity models daily, creating a unique relationship with the brand and the Enterprise – the business model is changing and is closely coupled with collaborative Cognitive Technology to devise Digital Strategies that work.
Digital Transformation and Digital Re-Invention coupled with a collaborative Ecosystem is the new DNA that Enterprises are seeking to embrace.
As far as the economics go – in a recent study with a High Street Retail Bank it was reported on average that for every $1 spent on Digital initiatives the bank returned a $10 ROI – far more rewarding than traditional bank marketing methods initiatives.
It is understandable with this kind of ROI and the need to differentiate the consumer proposition Enterprises are prepared to be Disruptive and embrace Digital Strategies and Transformation to change the business – to achieve commercial success.
We will see more Disruption in the future I am sure……
Credits to: Geoffrey Moore Inside the Tornado
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.
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:
- It must be able to satisfy a customer’s need
- It must identify a customer who wants that need satisfied
- 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
Mobility as a Marketing Tactic – car sales
With the advent of the Social Media channels available today – the Automotive Industry have taken the advantage to utilise these channels to their best advantage ; below are examples of the kinds of success they have realised.