...We’re all marketers now Engaging customers today requires commitment from the entire company—and a redefined marketing organization. JULY 2011 • Tom French, Laura LaBerge, and Paul Magill Source: Marketing & Sales Practice For the past decade, marketers have been adjusting to a new era of deep customer engagement. They’ve tacked on new functions, such as social-media management; altered processes to better integrate advertising campaigns online, on television, and in print; and added staff with Web expertise to manage the explosion of digital customer data. Yet in our experience, that’s not enough. But it not enough… To truly engage customers for whom “push” advertising is increasingly irrelevant, companies must do more outside the confines of the traditional marketing organization. At the end of the day, customers no longer separate marketing from the product—it is the product. They don’t separate marketing from their in-store or online experience—it is the experience. In the era of engagement, marketing is the company. “Oh, shoot,” Sperlich thought. “We are in for it now.”1 eedAs that transformation happens, Marketing’s cutting edge is being redefined every day. While there’s no definitive map showing how companies can successfully navigate the era of engagement, we hope to help senior executives—not just marketers—start to draw one. The evolution of engagement More than two years ago, our colleagues David Court, Dave Elzinga, Susan Mulder, and...
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...1 Marketing & Sales Practice The consumer decision journey Consumers are moving outside the purchasing funnel—changing the way they research and buy your products. If your marketing hasn’t changed in response, it should. David Court, Dave Elzinga, Susan Mulder, and Ole Jørgen Vetvik If marketing has one goal, it’s to reach consumers at the moments that most influence their decisions. That’s why consumer electronics companies make sure not only that customers see their televisions in stores but also that those televisions display vivid high-definition pictures. It’s why Amazon.com, a decade ago, began offering targeted product recommendations to consumers already logged in and ready to buy. And it explains P&G’s decision, long ago, to produce radio and then TV programs to reach the audiences most likely to buy its products—hence, the term “soap opera.” David Court is a director in McKinsey’s Dallas office, Dave Elzinga is a principal in the Chicago office, Susie Mulder is a principal in the Boston office, and Ole Jørgen Vetvik is a principal in the Oslo office. Marketing has always sought those moments, or touch points, when consumers are open to influence. For years, touch points have been understood through the metaphor of a “funnel”—consumers start with a number of potential brands in mind (the wide end of the funnel), marketing is then directed at them as they methodically reduce that number and move through the funnel, and at the end they emerge with the one...
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...compelled to compete on both local and international fronts. Unless an organisation is able to satisfy the demands of consumers, it will not survive in such a competitive business world. Of recent, consumers are more cognizant of various brands of a particular product or service available. In general the consumers make a decision to buy any product or service if they are confident about the brand. This paper analyses how the consumer decides if a market brand is superior to others and whether he makes his decision in a linear and logical manner or in a circuitous and heuristic fashion. 2. Factors influencing consumer decision 2.1. Process of the consumer’s decision At any given point of time, potential customers form impressions of any brand from various touch points like...
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...collaboration model explains how a company creates touch points with its customers and the agencies they hire. The collaboration model widely serves the purpose of understanding the outside market of a company. Company and consumer: Company creates the actual touch point at an retail level. Companies meet them at retail shops, banks, franchises and other face to face places where they are getting constant feedback from the consumer. This helps companies to understand what the consumer actually wants and what is trending now a day straight from their target market themselves. Other touch points also include events, festivals and other sponsored seminars set by the company where they could meet their consumer on a less formal level and the consumer might mingle with each other too. Company and agency: Collaboration model explains how companies create a touch point with marketing research and ad agencies. When a company hires an agency to carry out a market research or advertise their product; the company is creating a touch point. By letting them in on their problems and sometimes company secrets the company is creating a relation of trust with the agency. The company collaborates with the agency to get to the core of their problems thus creating collaboration. These agencies conduct quantitative and qualitative research and help companies reach their desired goals. Ad agency Agency and consumer: The research agencies create an touch point when they are conducting researches face...
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...Considering the Apple iPad™ for Pharma Marketing Deciding whether to integrate a new technology into your marketing and communications efforts can be an exciting proposition filled with potential pitfalls and problems. This point of view aims to provide you with the best potential integration points for the Apple iPad within your pharma marketing efforts and some simple steps you can take to better evaluate its value of those efforts. The iPad is a tablet form factor computing device running an upgraded version of the iPhone OS, built by Apple Inc. Connectivity is via Wi-Fi or 3G data network through one of the following enabled communications channels: • Email • Safari Web browser • iTunes Store • iBook store eBook content • Apple and third-party developed apps • Games • Social media • Utilities While email and Web are proven channels that can be used to reach core audiences, the iPad does not offer a truly unique differentiating feature for pharma from these channels. Similar to music and video stores, the iPad will not initially offer any differentiators over the existing delivery channels on the PC, Mac and iPhone/iPod Touch platforms. However, mobile applications (apps) in general continue to be a steady marketing performer, and health apps are growing very quickly. Currently, there are over 150,000 apps in the Apple iTunes app store for the iPhone and iPod touch platforms. When iPad launches, nearly all of these will be available for download. In addition to these legacy...
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...customer and retaining him for measurable and substantial returns. CRM is a vast subject where the concept of one to one marketing is supported by Database Marketing. MAURYA SHERATON DEFINES CRM AS “Customer Relationship Management is a process of managing customer relations in an organized way”. They aim at managing “each moment of truth” that is experienced by the customer. According to Mr Hariharan there are various contact points where the hotel comes in direct contact with the customer which are known as ‘Touch points’ in the CRM language. These touch points are considered important as there is direct interaction with the customer and they provide valuable input to the hotel. The input provided by the customer has to be captured in such a way that it becomes information and can be used by various processes within the hotel. This can be done with the help of technology and the aim is that whenever there is a customer interface with any of FIELD PROJECT CRM IN HOTEL INDUSTRY those processes they are able to use that information in servicing the guest in a most efficient manner. CRM PROCESS AT MAURYA SHERATON HAS BEEN DIVIDED IN TWO STEPS 1. Identification of all Customer Relationship management ‘vehicles’ 2. Integration of these Customer Relationship management ‘vehicles’ Vehicles are the points from where the customers can be managed from DATA CAPTURE VEHICLES Maurya...
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...ASSIGNMENT 1 CUSTOMER SATISFACTION AT BRITE BANK Brite Bank commenced operations a couple of years back and has a network of 25 branches, primarily operating in Mumbai, Pune, Nashik, Nagpur and some district capitals in Maharashtra. Started by a group of industrialists, the bank has been able to quickly commence operations and currently has more than 25,000 customers in its fold. The top and middle level management have been recruited from large private sector banks and are industry veterans. Ms Sneha Kulkarni, COO was a high flyer at one of the largest private sector banks, when she joined Brite. Her vision was to create a work force that could be nurtured on the vision and values of Brite Bank. Hence, all branch level officers and assistants were recruited and trained by the bank. For this, the bank tied up with AK Institute of Banking & Finance, a training institute, to provide initial training to probationary officers and Banking Assistants recruited by the bank. Advanced training was imparted by Brite’s own training team, both at the bank’s corporate office and at branch level. According to Brite, exemplary customer experience could be a unique differentiator to increase customer base. Large part of the initial infrastructure investment, was spent on creating an IT infrastructure which would enable the bank to quickly roll out value-added facilities like ebanking, mobile banking and enable tracking customer transactions, trends and behaviors. The bank scaled up to 25 branches...
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...Ipad Marketing Considering the Apple iPad™ for Pharma Marketing Deciding whether to integrate a new technology into your marketing and communications efforts can be an exciting proposition filled with potential pitfalls and problems. This point of view aims to provide you with the best potential integration points for the Apple iPad within your pharma marketing efforts and some simple steps you can take to better evaluate its value of those efforts. The iPad is a tablet form factor computing device running an upgraded version of the iPhone OS, built by Apple Inc. Connectivity is via Wi-Fi or 3G data network through one of the following enabled communications channels: • Email • Safari Web browser • iTunes Store • iBook store eBook content • Apple and third-party developed apps • Games • Social media • Utilities While email and Web are proven channels that can be used to reach core audiences, the iPad does not offer a truly unique differentiating feature for pharma from these channels. Similar to music and video stores, the iPad will not initially offer any differentiators over the existing delivery channels on the PC, Mac and iPhone/iPod Touch platforms. However, mobile applications (apps) in general continue to be a steady marketing performer, and health apps are growing very quickly. Currently, there are over 150,000 apps in the Apple iTunes app store for the iPhone and iPod touch platforms. When iPad launches, nearly all of these will be available for download. In addition...
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..."Shopper Marketing at traditional retail: An inevitable journey" 90% of the Indian retail is built on the strong bricks of traditional trade. The just next door 'kirana store' is still a significant part of the shoppers’ life. This makes Point-of-Purchase venture into knowing what role does shopper marketing play at the foray of traditional trade, is shopper marketing seeking its relevance here. Experts introspect, answer and help us gain a definite ground on this issue. By Reena Mehta An Inevitable Journey Traditional retail amounts for 90% of Indian retail surely sounds a cliché statistic, but for brands it’s a journey that must be taken. The reason to embark on this journey is the fact that shopper behavior is well established and fairly mature within the traditional trade. Over generations the traditional trade has been able to establish and build a relationship, rapport and trust which are nearly impossible to replicate. Added to this is the proximity to the shopper - which by far is its biggest USP and this makes traditional retail the building block of Indian retail. Shopper marketing no doubts has gained its momentum at the modern retail but modern trade only contributes in single digit %s to the overall sales of many brands and will continue to do so for years to come. Kirana outlets will be the main stay of Indian Marketing. Unless shopper marketing programs cater to the kirana stores, shopper marketing as a practice will not able to make any real impact in...
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...stages in a product life cycle, market introduction, market growth, market maturity and sales decline (Perreault, Cannon, McCarthy, 2011). During stage one and two while Quick Touch kiosks are newer we will be focusing on building our customer base and growing the demand for our product. We will do this by showing companies how they can gain an advantage over competition that hasn’t yet began offering this service to their customers. At this point we want to show our customers how Quick Touch benefits their organization and how it will benefit their customers. Quick Touch systems will help companies keep up with consumer demands and the technology boom. We plan on targeting the fast food industry but would like to quickly move into new territory like theme parks and retail stores. As Quick Touch enters into stage three, market maturity, we will likely see many other products on the market that are similar to ours. During this time we will focus on reminding current customers what our systems can do for them and the reliability we offer, we will begin updating our technology and looking at ways to enhance our products. During this time we are also likely to begin rolling out newer model kiosks and products that can be offered at a discount to loyal customers. This would also be the best time for Quick Touch to begin price matching or looking to beat our competition where it comes to pricing and begin offering competitive package deals and service plans to try and remain a step...
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...haloo Submit your nomination now for - Best Integrated Campaign Here is your chance to be a winner of the Best Integrated Campaign at the Rainmaker Awards. If you have a campaign covering multiple mediums and touch points executed between April 1, 2010 and March 31, 2011 then we would love to hear from you. You have to be quick! Submissions close on 31 May, 2011. All you need to do is tell us in 750 words: • How effective you use of multiple channels/touch points to deliver the marketing message, • The rationale behind channel selection as it relates to target audience and campaign objectives, and • What was the campaign endgame and how effectively did the campaign deliver these results to the business In addition, provide a 100 word summary in bullet points outlining the above. As part of your submission you can have up to 5 creative files (each under 5MB and in PDF only). Click here to nominate now. Please note that nominations for other categories are closed, and we will put up the names of finalists for voting shortly. The Rainmaker Marketing Excellence Awards honour outstanding achievements in marketing, sales and product by an individual, a team or an organisation in the wealth management industry. This event will take place on Wednesday, 13th July 2011, 7.00 - 10.00pm at Shangri-La Hotel, The Rocks, Sydney. For more information or to register for the event, click here. Proudly sponsored by: Official Publication:...
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...Marketing plan Each business, product or brand needs a detailed marketing plan. What does a marketing plan look like? Our discussion focuses on product or brand plans. With a detail plan, any business will be better prepared to launch a new product or build sales for existing products. The purpose and content of a marketing plan A marketing plan serves to document how the organizations strategic objectives will be achieved through specific marketing strategies and tactics, with the customer as the starting point. It also linked to the plans of other departments within the organization The role of research To develop successful strategies and action programs, marketers need up to date information about the environment, the competition and the marketers segments to be served. Often analysis of internal data is the starting point for assessing the current marketing situation, supplemented by marketing intelligence and research investigating the overall market, the competition, key issues and threats and opportunities issues. The role of relationships The marketing plan shows how the company will establish and maintain profitable customer relationships. In the process, however, it also shapes a number of internal and external relationships. From marketing plan to marketing action Companies generally create yearly marketing plans, although some plans cover a longer period. Marketers start planning well in advance of the implementation date to allow time for marketing...
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...Product Life Cycle Description The Product Life Cycle is like a snapshot in time. Pick 3 of your favorite products and identify it's current Life Cycle Stage and the marketing activities they are using. Evaluate the applicability of their activities and the effectiveness of them. Provide recommendations for additional actions. 300 words Product life cycle is the concept according to which there are four phases a product goes through during its life. They are named as introduction, growth, maturity, and decline stages. In first stage of a product, the company normally does not earn profits. Since after the introduction, it takes a certain time for the people to know about the product. It is, however, dependent on the suitability of the way with which the company markets the product. The second stage is growth during which the product becomes pretty much popular, so more and more people tend to purchase it. During the third stage the revenue generated by the product reaches its culmination point. Beyond this point you may find the product demand gradually declining towards its end. Likewise, iPod touch is now viewed as in its final stage of product life cycle. Although, the company has taken a step by redesigning it but the sales are yet expected to be limited. One of the most reasonable suggestions for the company is to improve the product by adding more features. This will increase the possibility for the product to survive in the market. One of the most...
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...Product Life Cycle Description The Product Life Cycle is like a snapshot in time. Pick 3 of your favorite products and identify it's current Life Cycle Stage and the marketing activities they are using. Evaluate the applicability of their activities and the effectiveness of them. Provide recommendations for additional actions. 300 words Product life cycle is the concept according to which there are four phases a product goes through during its life. They are named as introduction, growth, maturity, and decline stages. In first stage of a product, the company normally does not earn profits. Since after the introduction, it takes a certain time for the people to know about the product. It is, however, dependent on the suitability of the way with which the company markets the product. The second stage is growth during which the product becomes pretty much popular, so more and more people tend to purchase it. During the third stage the revenue generated by the product reaches its culmination point. Beyond this point you may find the product demand gradually declining towards its end. Likewise, iPod touch is now viewed as in its final stage of product life cycle. Although, the company has taken a step by redesigning it but the sales are yet expected to be limited. One of the most reasonable suggestions for the company is to improve the product by adding more features. This will increase the possibility for the product to survive in the market. One of the most...
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...purchase behavior, describe the evolution of path to purchase? What type of analytics is prevalent in understanding online v/s offline path to purchase? 1. Importance: The path to purchase is a cyclical decision making process that connects consumer demand to what shopper will actually buy. Shoppers face countless options along their journey, and each one forces them to make a decision before they can move forward. But with rapid development in technology, digital touch points in the path have outgrown the physical ones. This has caused the “path to purchase” to change dramatically and become condensed into as little as a few minutes with more and more customers shopping from the comfort of their homes with mobile phones. There is a need to invest, strategically and financially, in tools and platforms that measure beyond traditional web analytics to understand engagement activity (e.g. search, review and cross-shopping, mobile/tablet engagement) before, during, and after the customer conversion. Hence all marketing must acknowledge this shift in behavior and ensure that it is designed to create demand and include the means to satisfy that desire instantly. 2. Focus, landscape assessment & key trends: Consumers actively curate their own journeys and expect brands to use all data at their disposal to personalize every interaction. Delivering the right message at the right time is more important. The ‘evaluation of products and services’ is arguably the step along the path...
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