For example, airline companies offer frequent-flier miles to customers who use their airlines. As a result, you waste less time and money trying to reach unlikely prospects. Frequency Marketing Programs Companies sometimes use frequency marketing programs to increase customer traffic in retail stores or even online.
You may be able to meet this need by offering free deliveries or extended hours of operation. A customer-driven marketing strategy includes elements like identifying your target market and reacting to their needs. However, one business may just want 10, mailing lists while another requires the entire spectrum of services.
Geographic Segmentation Another customer-driven marketing strategy is geographic segmentation. Building Loyalty Customer-driven marketing helps to build loyalty, which can lead to repeat sales as well as referral business.
In addition, some restaurants allow customers to choose among a vast array of desserts, including cookies, pies, pudding and various toppings for their favorite ice cream. For example, your customers may indicate that they want a cleaner store, a different product mix or a better customer return policy.
Create Own Meal Restaurants often use customer-driven marketing strategies with their salad and dessert bars. A company can also use a frequency card as part of their customer-driven marketing strategy. The rationale behind a frequency program is that a company pays more money to attract customers than to retain them, according to the article Customer driven marketing strategy creating value "Frequency Marketing Will Boost Sales" at Site Pro News website.
You could even hold a contest to see which customer can send you the most referrals in a specific amount of time. The accumulation of points leads to free or discounted products or services. The more you know about your customer base, the easier it is to develop a strategy that will appeal to these characteristics.
Therefore, a company should offer some type of reward to customers based on their shopping activity. Therefore, the company may distribute different flavored snacks to each region. Implement a referral program where customers are rewarded for sending new business your way by giving them additional discounts or free merchandise.
However, this is best accomplished by giving a business a price break if they use the entire gamut of services. The reason is that businesses often spend tens of thousands of dollars for specific products and services.
Meeting Needs A customer-driven marketing strategy focuses on meeting the needs of your customers and examines how your products or services can meet those needs. Encourage your existing customers to spread the word about your business to gain new customers.
A small company will need to make a long-term commitment to running a frequency marketing program to reap the greatest benefits. For example, a small pastry manufacturer may find that people in Boston have different flavor preferences that people in Pittsburgh.
References 2 Marketing Insights: In other words, the business customer will spend less by using all services than if she paid for each one individually. Geographic segmentation is simply studying the demographics and needs of consumers by region, then tailoring a specific product offering to that regions.
For example, a marketing consulting firm may offer mailing lists, educational materials, advertising programs, results tracking, or even a combination of all products and services. The rewards increase in value as the customer accumulates more miles.
Using Customer Feedback Use feedback from your customers to make changes or improvements to help you continue to meet customer needs in the future. Many frequency programs last several years. Therefore, a company will tailor their specific recommendation around what the business customer actually needs.
For example, some video stores offer free movies and snacks if a customer rents a certain number of movies.
Targeting Your Market A customer-driven marketing strategy targets a specific market segment. As such, your marketing strategy should be geared toward reaching those who would benefit the most from your product or service. It should also detail ways to retain customers and use them to help you gain additional business.
Allowing customers to choose the ingredients and dressing they like on salads is a one of the most basic customer-driven marketing strategies. Customer-driven marketing strategies can apply to consumer or business customers.
For example, your initial research may tell you that your customers are extremely interested in receiving a high level of service.
Use marketing research to identify common demographic characteristics within your customer base, such as age, gender, occupation and income level. Needs-Based Marketing While needs-based marketing can work for consumers, it is almost essential with business customers.Customer-Driven Marketing Strategy: Words | 5 Pages.
A REPORT ON Customer-Driven Marketing Strategy: Creating Value for Target Customers INDEX mi-centre.com TOPICS PAGE NO. 1. Market segmentation 1 2. Chapter 7 Customer-Driven Marketing Strategy: Creating Value for Target Customers 1) When a company identifies the parts of the market it can serve best and.
Customer-Driven Marketing Strategy Creating Value for Target Customers Principles of Marketing Kotler & Armstrong 14th Edition Chapter 7 study guide by Pakouissoawesome includes 25 questions covering vocabulary, terms and more. For example, airline companies offer frequent-flier miles to customers who use their airlines.
The rewards increase in value as the customer accumulates more miles. A company can also use a frequency card as part of their customer-driven marketing strategy. Customer Driven Marketing Strategy-Creating Value for Target Customers 1.
Customer-Driven Marketing Strategy 2. Today’s buyers 3.
Companies’ G O A L: To design customer-driven marketing strategies that build the right relationships with the right customers. 4. Chapter 7 ; Customer-Driven Marketing Strategy Creating Value for Target Customer Objective 3 Objective 2 Objective 4 Discuss how companies differentiate and position their products for maximum competitive advantage.Download