Change in Marketing Strategies: A Process - Digital Dose

Change in Marketing Strategies: A Process

More and more companies are realizing that greater strength and power of survival in an uncertain and dynamic international business environment lies within their customer base. Another more powerful realization is the indispensability of giving in to the whims and fancies of these customers to survive the onslaught of competition that the different businesses. Businesses that have turned a blind eye to this advice have either lost their market share or, worse, have been completely obliterated.

Because of such bleak consequences, many firms have been compelled to reevaluate their marketing strategies. It is the answer that, to ensure that the customer remains the heart of their thought process, a company—be it a manufacturer or service provider—must therefore develop proper, integrated marketing strategies driven by a customer focus.

Shift From Traditional Marketing

A shift from traditional marketing strategies to customer-targeted marketing strategiesis needed because of the rapid advancement in information technology, particularly the growth of the Web, and the growing challenges of satisfying customers’ needs and wants like their expectations of 24/7 customer service, especially for online transactions.

Most companies and marketing consultants emphasize that more funds should be invested in creating new products given the consumer behavior that has been learned and in building consumer relationships by creating strategies for customer loyalty and retention. This paper is aimed at creating an awareness of the need to do marketing by focusing on the client and not the verses, old-fashioned, company-oriented, product-geared scenario. More to the point, the paper will be trying to show how an organization could handle that important shift in the current highly competitive market.

Explanation of Marketing Strategies

It will be too shortly without putting an eye on the two marketing tactics aside for better clarity before I go ahead to adequately address the change in approach.

Traditional Marketing: The Four Ps of Marketing

The term marketing mix, otherwise known as the four Ps is a tool that helps marketers bring to real-life marketing concepts that are realized. It comprises the various key decision-making arenas that an organization needs to look after to at least meet the expectations of its customers. A set of “controllable tactical marketing tools [.] that the firm blends to produce the response it wants in the target market” are the words used by Kotler et al. (1999) to define the mix (p.8).

Hence, to reach the business organization’s marketing goals, all these elements effectively “mixed” are applied in proper proportion to develop an effective marketing program with good marketing strategies. The traditional marketing mix involves in essence the “4 Ps of marketing“. The four prime elements of the traditional marketing mix are: According to Kotler and colleagues (1999):

1. Product: Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects, services, individuals, places, organizations, and ideas.

2. Price: The sum of all the values customers exchange for the benefits of having or using a product or service, or the money charged for a product or service.

3. Place: All the business operations aimed at making the good or service available to the targeted clientele.

4. Promotion: Advertising is the process of advertising your good or service. Reach your target audience by utilizing promotional activities and spreading the word about your product through marketing campaigns.

The traditional 4 Ps marketing mix has been criticized for being too blinkered in today’s market environment, with the rapid changes that are taking place around organizations. The traditional marketing mix has also been criticized for having too much of an inward-looking bias and being too focused on the product in the context of the firm’s production-oriented assets and capabilities. This is opposed to attending to the more important organizational task of satisfying consumers’ planned needs and desires.

Additionally, the massive Web and e-commerce revolution have diminished the ability of customers to influence how they want to engage with the business. In other words, businesses must now get directly involved in trying to market their goods and services in ways that are more geared towards fitting the unique demands of the customer.

This has led to customers no longer being considered as a non-essential factor, and to keep up with the competition, businesses have to now adopt customer-targeted marketing in place of their conventional marketing strategies.

Targeted Marketing to Customers

Marketing oriented towards customers places the customer at the core of everything a company does and undertakes within the strategy and running of its operations, which is the major concern in traditional marketing. Because of the paradigm change that has taken place in marketing for the organization, a business needs to embed a commitment to quality using the basic plan to maintain the right marketing approach and listen to every important customer in the market to make decisive choices on how to respond to the need of the market.

Another feature of the approach is that it focuses on the interests of every customer and their contacts with the business; hence it leads to targeted messaging.

A business would therefore have to keep collecting data about the customers so that it can serve them better and more importantly retain them as much as possible by maintaining the customers to be as loyal as it could be.

Thus, as Peppers and Rogers (1998) contention slider to accumulate consumer data for better product or service marketing, the company, through a myriad of methods and approaches, should take the assistance of several tools such as information technology and the Web, which are not limited to focus group interviews, in-depth interviews, customer s, surveys and attitude testing, among others.

This area of information will thus be depended upon by the company in coming up with new products and services that are customer-centered, as well as in improving on the existing ones. In addition, the data will be shared company-wide as a strategy to encourage all level employees in getting commit to the vision of delivering the value-maximization goal of the customers and thus increase customer loyalty.

Why Target Marketing to Customers

Companies have realized that to remain at an advantage against their competitors and meet the continuously growing levels of need and have to treat their consumers as individuals, not as a homogenous mass of common interests, values, and purchasing patterns. Companies have to pay more attention to the customer in all their marketing strategies now that the importance of promotion has been recognized.

Consequently, companies have adopted a personalized approach to bidding to increase customer loyalty to their products and services.

Think about the growing tendency towards customization in the banking and insurance industries. A wide variety of attributes have been substituted for generic products and services. The customer can now select his personalized bundle. Against this background, companies recognizing the value of each customer’s asset and adjusting their marketing strategies (and costs) to acquire and maintain the most valuable assets will prevail over less flexible traditional marketing strategies based on the four Ps.

 

Change in Marketing Strategies: A Process - Digital Dose

 

The Transition Process

An organization needs to be aware of the followers to take a strategic shift from marketing standard to consumer-author-oriented marketing.

1. Paradigm shift

A business needs to realize that wow marketing demands more than organizational changes in the structure; it requires a change in the mentality.

They need to be aware that the only business they are in is that of ensuring that they can meet their clients’ Continue reading “Customers and Prospects Marketing by Gilbert, Elizabeth”.

In any case, for the successful transition of an organization to that of customer advocacy from traditional marketing thinking, a company needs to reflect and ask itself what needs to be examined and considered when such a transition takes place in the organization. However, a firm has to acknowledge the price it will pay for failing to become a more customer-focused marketing organization.

2. Planning Aimed at Targeted by Customer

Just like any exercise of organizational change, designing a new customer-specific marketing strategies involves perceptive planning to seek the best opportunities that are most beneficial to the organization as well as its consumers. In this regard, the allocation of its resources must be designed strategically, taking a perspective on the problem(s) from the independent customer.

In short, consumer-oriented marketing of the company should incorporate these three aspects:

1. The planning of the company should rely upon the needs of rather than that of the company.

2. Set up multiple communication channels and focus on honest feedback and suggestions. Rather than making the customers hear you, hear them out.

3. Involve your customers in all aspects of your business from new product development to after-sales sales service.
overall within the organization accountability.

For the strategy to be effective, all members of the organization must understand and embrace the new marketing concept. The degree to which every detail of the business must get involved in the procedure and incorporated into the real relationship is something that most firms tend to fail to emphasize.

An organization needs to evaluate whether each functional department is value-adding to the company’s relationship with the customer or whether the department is an expense.

There would be a large number of departmental functions and responsibilities that would need to be re-authored as part of the re-organization exercise towards a more customer-centric focus.

These will be the occurrences that will require the employees to adjust to various methodologies laid to the requirements of the customer.

3. Human Resources Training

The organization’s departments shall carry out training for its employees regarding customer behavior to develop human resources that put the customer first. Every organization shall benefit from this training to make him more informed, self-reliant, and effective in identifying and responding to customer needs.

4. Information Technology Usage

Information technology is increasingly advancing and at the same time becoming cheaper. This means considerably more businesses are capable of conclusively getting customer purchasing behavior data. More so technologies that track customers’ purchasing behavior are getting a lot more applications including the use of the use of Internet cookies and checkout scanning. It is without gainsaying that businesses that apply this technology will be more successful than those that do not, in this case, in attracting new business and in retail the existing customers as well as doing cross-selling.

5. Better Communication with Customers

Businesses can communicate more efficiently with customers and at a much lower cost by using the Internet as a niche communication medium rather than a more traditional means such as fliers, brochures, or snail mail. Correspondence via email with customers is almost always at no cost, and they expect to access the messages almost immediately. Customers now have a rig round-the-clock clock service from these businesses, though it has also resulted in other companies losing business to competitors because the former refused to provide 24-hour attention. Focused Measurement by Customer. A company’s customer-centric marketing strategy should be measurable and measurable.

Success is typically measured largely by traditional means such as profit margins, market share, and profitability.
More effort should be put in place to develop metrics that are customer-focused and can measure the marketing strategy.

Some of the customer-focused metrics that a customer-focused business can use include customer acquisition costs, conversion rates, retention rates, sales and similar transaction rates, loyalty metrics, and customer share within a brand.
It concludes that many firms have had to change from traditional to customer-focused marketing due to survival instincts. The expectations of customers will rise as the time-varying market situations scale to fast gear. Therefore it became, imminent to increase the number of businesses that intensify in customer-targeted marketing.

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