Customized Marketing – The new era of marketing: IIFT Annual Business Summit
Providing a personalized and customized experience to customers and prospects is no longer just a means of getting an edge, it is a necessity for the marketers of this day. The age of creating differentiated products from the competitors is no longer going to win the battle for the customer’s loyalty.
This extreme form of database marketing which renders a unique product offering for each customer is termed as Customized Marketing. The real challenge lies in creating unique products for individual customers.
Customized marketing therefore has become ubiquitous in today’s marketing parlance and most companies today are exploring a variety of environments and tools to engage with their customer.
Customized, or one-to-one marketing as it has come to be called, has opened up entrepreneurial avenues too. Enterprises have come up that offer the appropriate marketing tools and creative offerings that businesses need to drive results and stay one step ahead of the competition. Marketers need to spend huge budgets to craft their campaigns, and then refine them over months until they find the perfect message that will reach their target audience.
Having knowledge of the consumer’s preferences enables suggesting specific products and promotions to each consumer.
One-to-one marketing follows four main steps in order to fulfil its goals: identify, differentiate, interact and customize.
Identify: In this stage the major concern is to get to know the customers of a company, to collect reliable data about their preferences and how their needs can best be satisfied.
Differentiate: To get to distinguish the customers in terms of their lifetime value to the company, to know them by their priorities in terms of their needs and segment them into more restricted groups.
Interact: In this phase it is needed to know by which communication channel and by what means contact with the client is best made. It is necessary to get the customer’s attention by engaging with him in ways that are known as being the ones that he enjoys the most.
Customize: It is needed to personalize the product or service to the customer individually. The knowledge that a company has about a customer needs to be put into practice and the information held has to be taken into account in order to be able to give the client exactly what he wants.
Some of the distinguished industry leaders will be the part of IIFT’s Annual Business Summit -2014 on 21st and 22nd August, to share their views and insights about the theme.
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