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Experience matters, not the price

October 2, 2012

You will always find your investment consultant saying – Consider investing as a long-term activity and try ignoring periodic market fluctuations! But when it comes to marketing investments, we seldom remember this rule of thumb.

Gone are the days when you could lure customers by offering massive discounts, not that you can’t but what’s the point – your competitors can do the same. A single click of a mouse is enough to make you loose your customers to competitors. So, what do we do in such a scenario. Simple, stick to the rule of thumb – go long-term. Create differentiated and delightful experiences for your customers. Gone are the days when brand managers think about logo usage, color combination, 2 press releases and 4 TV campaigns… its time to build direct relationships with your customers. Don’t give them a 500 bonus reward point and assume that they will be yours forever. Understand them better, by knowing them beyond the traditional geographic and demographic segmentation. Identify the emotion behind data-points, events that matter to them, offers that make them happy and create a brand they would love to engage with.

Its a ‘one-button’ revolution and people are talking to each other. As brand managers, we need to take the role of a facilitator rather than a communicator. Enable people to share experiences and inculcate advocacy. Go out of the way and give them more than what they want or deserve.

Don’t worry about big data, embrace it! Its a big opportunity. Every piece of data that reveals transaction patterns or provides details about customer preferences is a step towards attaining intimacy. For businesses to be successful, it is sacrosanct to be open to cross-channel engagement. Its important to know which channels your customers love and prefer.   Deliver a consistent messaging and experience across channels.

To summarize, in an era where products and services are commoditized and consumers are sharing their views and opinions like never before, it is sacrosanct to not just attain parity in price but attain differentiation in experience and deliver delight.

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