Wednesday, June 15, 2016

Customer Loyalty

The Goal of Every Business

Understandably most businesses everywhere are constantly looking to increase and consolidate the level of customer loyalty they have with both individual  customers and the group as a whole and when you consider that numerous research reports have consistently reported that it is many times more difficult to win a new customer over rather than keep and existing customer, you can fully appreciate why. But two important questions that arise from this underlying premise are:
1. Does every customer have the same potential for being loyal  and
2. Of those customers that are loyal, are there different groupings of loyalty?

Does Every Customer Have The Potential For Loyalty

Simply stated, the answer to this first question is no and rather than take this as an admission that the business is unable to provide quality service or the customer is unable to respond in kind with loyalty, the issue is often one of pure practicality where it is unreasonable to be loyal.

For example let's assume you are taking some time away from work and taking an extended road trip where you have chosen to drive around the country and experience first hand the many wonders your nation has to offer.  When you are on the opposite side of the country you pull into a petrol station to fill up on fuel before starting the long trek back. At this station you receive an excellent level of customer service, an excellent meal, the opportunity to withdraw cash from an ATM, and so on. Kudos to the management and staff but are you now loyal to this business. Clearly not, because no matter how well your needs were met her you probably wont be back any time soon and realistically the best the business could hope for is a favorable review on a review site such as Urban Spoon or Trip Adviser.  So no not all customers have the potential for loyalty, but for those that are what types of loyalty exist?

Loyalty by Default and Loyalty by Design

There are two key types of loyalty, namely Loyalty by Default and Loyalty by Design.
So what is the difference?  As the name suggests customers through repetition may be loyal to you by default where it is for the most part out of habit that they continue the association but  in truth see no great advantage in dealing with you and feel no great degree of connection with the brand or business.

Customers who are loyal by design on the other hand have made a conscious choice to do business with you and are overtly aware of and appreciative of the value that you provide for them and will therefore be much less likely to look elsewhere for a replacement provider or service regardless of what other alternatives may present themselves, whereas the customer that is loyal be default will much more easily be swayed to try and potentially adopt another alternative provider with only marginal improvements to what you are offering.

In a recent training session to CEO's I asked the group to write down on a piece of paper what percentage of customers they felt where loyal by design versus those that were loyal by default.
Suffice to say you could have heard a pin drop as the people in the room started to ponder their situation and realise that for most people, the answer lay squarely in the default category where the potential to lose significant amounts of business was only as  far away as a rival business uncovering some part of the need that was still undelivered and provide it to a higher level than them.

If you're reading this and thinking this dynamic also applies to you, you have plenty of company. The good news however is that the business can proactively do something about this situation and gradually position itself squarely in the other camp. On our next blog post we will fully explore the strategic change needed to drive this change in approach to further enhance and maintain your customer loyalty.

And until then, good luck and good marketing.
Regards,
Daniele

Sunday, May 29, 2016

Twitter Now Allows You To say More In 140 Characters

General Evolution

 Generally since its first arrival Twitter has evolved from initially being a straight text based platform to ten years later a more versatile social media platform that  currently allows additional functionality in the form of : videos, pictures, vines and hashtags. 

In more recent times the additional features such as the ability to Poll Your Community   and the ability to share Periscope broadcasts in Tweets have also been added, all adding to the overall user experience.

More Bang For The 140 Character Buck

Twitter have now announced that in the coming months they plan to make changes to simplify Tweets, and importantly what is included in the 140 characters and what isn't.

Currently

Currently the structure of a tweet is as follows:

devbrief_tweetstructure
 Ref: http://techcrunch.com/2016/05/24/the-metaphysics-of-twitter/

However once the changes are initiated, the @names in replies, and any media attachments (such as videos, polls, pictures, etc), will no longer come out of the 140 characters, thereby allowing you to more fully express and qualify your core message with the tweet text.

 The Changes

  • Replies: When you reply to any tweet,  @names will no longer count toward the 140-character count.
  • Media attachments: When you are add attachments to your tweet such as videos, polls or other options such as GIFs, this media will no longer count as characters within the Tweet.
  • Retweet and Quote Tweet yourself:Twitter will be enabling the Retweet button on your own Tweets, so you can easily Retweet or Quote Tweet your own Tweets when you may want to rephrase or share an add on to that original thought.
  • Goodbye, .@: These changes will help simplify the rules around Tweets that start with a username. New Tweets that begin with a username will reach all your followers. (That means you’ll no longer have to use the ”.@” convention, which people currently use to broadcast Tweets broadly.) If you want a reply to be seen by all your followers, you will be able to Retweet it to signal that you intend for it to be viewed more broadly.

    Adapted from Ref: https://blog.twitter.com/express-even-more-in-140-characters

Timing

These proposed changes will be introduced by Twitter through the coming months. The proposed changes will allow for a more detailed message and address one of the biggest frustrations users have had with micro-blogging platforms since day 1, namely lack of space.
Additionally Twitter have said that they are now also exploring ways to make existing uses easier and enabling new ones within the platform.

Additional Training Resources

Naturally to learn more about any aspect of Social or Digital Media marketing click on to this link:
http://www.victorianchamber.com.au/business-solutions/training/course

So until next time, good luck and good marketing.
Regards,
Daniele.  

Thursday, May 19, 2016

Google Analytics 360 Suite

Background

As marketers we have a profound understanding of how important t is to understand your customers needs and wants. We do this by using all the available data and research that will hopefully cast some light on these needs. 

In recent times Google have started the discussion about joining the website based analytics to those of  digital marketing campaign data may further assist businesses to more fully understand the full customer journey. 

This more comprehensive insight is required because the customers needs are generally more complex in the modern day setting, certainly there are greater levels of competition and the reality is the customer demands a higher level of service and combines this with a generally lower level of loyalty.

Against this biased background, combining the total analytics appears to be a smart way to gain this improve understanding of the customer and from this the possibility that there are different groups within the whole that can be effectively identified, targeted and satisfied to the mutual benefit of the customer and the business.  


Google Analytics and Google Analytics 360 have existing capabilities to aid businesses in  being able to better assess how customers interact and engage with the brand.  



Expanded Capability

Google have now announced a new and exciting analytic function with the addition of: User-Centric analysis to help provide a deeper understanding of the most important customers. 

Through User Explorer, the business will now be able to analyse the actions of even anonymous users take on your website site or app. This informationcan allow you to refine the process the user takes to help augment their experience and thereby help to betetr engage with them through this process. 

Additionally you can focus on the customer s you do know about such as the ones that spend the most or buy the most frequently or buy the most expensive products in your range and for each group review their respective paths on your digital platforms.

These found insights can both confirm your perceived understanding or perhaps even expand it.  At very least Google User Explorer will be a powerful tool in helping the business to develop and implement more tailored and segment specific marketing and promotional plans.




To illustrate this further, User Explorer may assist in  identifing anonymous individuals who for whatever reason did not buy and  aid in re-engage with them to reconnect to your app or site using current marketing campaigns. 

Combining User Explorer with existing user-centric data you have the ability to construct new, previously unknown segments  that can be targeted in a more specific way.

The use of the Google Cohort analysis report will also provide additional information such as:  When customers were acquired, how often do they purchase in a day or a week and what percentage return the following day to repurchase. 

Naturally to learn more about any aspect of Social or Digital Media marketing click on to this link:
http://www.victorianchamber.com.au/business-solutions/training/course

So until next time, good luck and good marketing.
Regards,
Daniele.  







Thursday, May 5, 2016

Total Value Proposition: Additional Considerations



TVP – Key Considerations
Regardless of which of these five approaches you base your products Total Value Proposition around, you need to ask the following questions of yourself when talking with customers about your TVP. 


1. Is it an impressive TVP that I am presenting?

Specifically for the TVP to be impressive it needs to provide obvious value and quality to the customer. The greater the number and size of the benefits, the greater the perceived value will be to them.

2. How well does my TVP align to the customer’s unmet needs?

True value occurs when the function, form and consequences of using a product or service positively impact a customer’s unmet needs. Remember that some of the customer’s needs may already be met with another product but the greatest motivation for switching to another brand is to gain additional benefit with unmet needs, whilst retaining your current advantages with the met portion of the customers need.

3. How does it compare to their current TVP of the product they are using?

In most cases customers will already be using or at very least be aware of other options and therefore are in a strong position to make a viable comparison and therefore an informed choice between what it is you’re offering them versus what they currently have or could have from a rival firm. For this reason the need for ongoing and in-depth, competitor analysis remains a key component for all sales people as a routine function of their role.

4. How does your TVP need to be adjusted to be more attractive?

Based on that comparison with other rival TVP’s, you are then faced with the key question of, what subtle adjustments are still required to make your proposal more attractive to them.
Where ever possible the presence of a tangible and meaningful point of differentiation is a critical component to improve a business’s TVP and of course this then allows the sales person the opportunity to discuss these differences and how they will provide positive and sought after outcomes for the customer.





Naturally to learn more about any aspect of Social or Digital Media marketing click on to this link:
http://www.victorianchamber.com.au/business-solutions/training/course

So until next time, good luck and good marketing.
Regards,
Daniele.