While there are financial strategies; marketing strategies, and human resource strategies, recently there has been implementation of customer strategy. A sound customer strategy will analyze the customer base to find out what customer needs are being successfully met with an organizations products and services.
• What are we doing right?
• Who is benefiting most from or services?
• Are our best customers increasing their business with us or are they ripe to be picked off by the competition?
• Which customer needs are not being successfully met?
• Which needs are we best suited to meet in the future?
These questions will separate where you want to go verses where you are now. Customer analysis can often be surprising and serendipitous.
If a business has the infrastructure in place to be the lowest cost producer in their market, then obviously they should maximize their position. However, a closer look at how most profitable customers view price may be a prudent step.
If an organization wants to be the low cost producer in a market, their customer base better bear that out. If analysis shows that the most profitable (or fastest growing) customers segments are those that are buying because of special features, extra options or fast delivery time, then a low cost strategy may have a disastrous effect on profits.
Many businesses strive to look more like their competition in the eyes of customers. However, a better approach would be to create a customer strategy from their internal strengths.
If the competition is a large organization then it's a fair bet that they are unresponsive to special customers needs. These areas can be uncovered through customer intelligence.
• Why are your customers doing business with you rather than a larger competitor?
If a business can focus its efforts on where they are doing well and lift the bar higher and be even better, they will have a sound customer strategy to move forward.
A company's knowledge workers should be heavily involved in the formulation of any strategy. If employees are very experienced at dealing with a certain customer segment (even though it may be small) they should leverage that strength to the max!
Employees form the social connection that extends beyond product and price built up over time through continuous interactions.
The key to effective customer strategy is determining where to best invest your efforts – based upon what is important to your customer.
• Determine what is the most important driver to your success with customers?
• What action can you take to support that customer driver?
• Where do you stand in relation to the competition?
• Invest where the payback is highest.
This customer strategy framework provides an actionable approach to marketing that is customer centered but also recognizes the competition.
Celebrate the differences between you and your competition instead of trying to beat them at their own game.
International Strategy In Business
Recent studies have shown that online sales are rising despite economic slowdown and are likely to grow as the year progresses. According to Webwindows, a leading media agency in the UK, companies should plan their advertising strategy to gain the maximum benefits from the current trends. Webwindows suggests that companies should incorporate the best of the online and offline media to build an effective advertising strategy. Webwindows suggests that companies should build a strong online presence by advertising in the print media or in newspapers and magazines to drive traffic to their websites. The online companies should offer secure payment channels for making online purchases. Webwindows recommendations are based on prevalent trends: People look to the newspapers to make their purchasing decisions but prefer going online to make their purchases.
Webwindows recommendations are collaborated by studies conducted by Google and Deloitte. The findings clearly point to the fact that it is the print media that influences people with their purchase decisions. Newspapers are woven in the collective psyche of the people for they have been around for a long time and are a trusted and most sought out source for authentic information. It is for this reason that Webwindows has a page that appears in seven leading newspapers in the UK including The Observer, Sunday Times and Sunday Telegraph. The Webwindows page, which appears as a color supplement in the weekends, has a collective readership of over five million people. What this means is that by advertising your offerings on the Webwindows page, you can target the right audience and reach the right market. According to Webwindows, the people who read these advertisements usually have access to the Internet and are hunting for great bargains. Therefore, the chances of making a sale grow manifold.
The Webwindows page is specifically dedicated to placing online advertisements. So people, who browse through the Webwindows page, do it at their will. This is in stark contrast to the advertisements that appear online. According to Webwindows, these advertisements can be a source of distraction and can actually put off the consumer. This theory of Webwindows is supported by the findings of the consultancy firm Deloitte which states that there are people who are even willing to pay to do away with these advertisements because of the distractions they cause.
Based on these findings, Webwindows rightly suggests that an ideal advertising strategy, and more so during the times of recession, should be one that utilizes the power of newspapers and magazines to draw traffic to websites; the websites on the other hand, should provide adequate information about the products, easy navigation and secure transactions to ensure that the visit transforms into sales.
Webwindows also recommends that online companies should place their advertisements in the right newspaper and magazine. If you advertise with Webwindows, their representatives will guide you as to which newspaper you should place your advertisements, based on factors such as demographics, location and publication type.
Both Chuck Wallin & Webwindows are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Chuck Wallin has sinced written about articles on various topics from Marketing, web development and Real Estate. . Chuck Wallin's top article generates over 4400 views. to your Favourites.
Webwindows has sinced written about articles on various topics from Advertising Guide, Business Marketing and Advertising Guide. Andrew Mogridge is managing director of web windows marketing limited. Web Windows has offered the best value in the market for over a dec. Webwindows's top article generates over 60500 views. to your Favourites.
Adoption Of New Technology They have great resolution and incredible colour definition. This plasmas high-end display resolution of 1024 x 768 pixels gives a picture quality and depth of color that are outstanding