Every three years, the American Marketing Association revises its definition of marketing. In 2017, they defined marketing as “an activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Although the wording has changed, the development of the definition has maintained the same goal of satisfying a company’s patrons. Whether you are working B2B or B2C, it is essential to understand the customer before and after a sale is made. On Get to Know Your Customer Day, we will discuss how to segment, target, and position your customers to appeal to their specific wants and needs.
The first step in discovering your ideal audience is to divide the market into a more defined group. We divide these groups based on homogeneous qualities and characteristics such as their demographics, psychographics, geographics, and behavioral segmentation. It is important to note that segments can use multiple bases. For example, a segment can include both the demographics and geographics of a group. At this point, you should be able to choose from multiple segments created by multiple bases. If you are struggling with finding information, try sending a survey to prospective or past customers.
From here, you should be able to select a target market within those segments that will optimize profitability. This step is crucial because you will be creating the appropriate marketing mix based on these groups. Often, marketers make the mistake of targeting one big undifferentiated market or a small, concentrated group; however, we recommend targeting multiple groups within your market. This technique will help differentiate the groups when positioning and promoting products.
The final step in assessing your customer is positioning your product, brand, or company in their mind. To do this, marketers look at a perceptual map based on industry costs and values to evaluate where they want to be situated. Typically, a company’s position will be based on quality, price, and product characteristics. Try to avoid matching the exact cost of your competitors by finding distinctive qualities that will differentiate your brand. For example, the Ciccio Restaurant Group in Tampa Bay uses its unique ambiance and high-quality food to separate itself from other restaurants in the area.
Now that you have identified a target audience with the correct perception of your company, it is essential to create communication through customer relations marketing. If you are an avid social media user, we recommend obtaining customer analytics to understand their likes and dislikes. These analytics may include frequent visits to your profile or routine clicking habits. We also suggest that you respond to any reviews or direct messages that patrons send. Not only can you gather feedback from these comments, but you can also create a conversation around accommodating their complaints.
Today, we recognize National Get to Know Your Customer’s Day to remind businesses that their customer’s wants and needs are essential when shaping your market. Essentially, a marketer’s job is to make buying decisions easier for consumers. By understanding your customer’s background, preferences, and habits, you can help nudge their purchasing decisions and continue to satisfy them.
If you are interested in learning more about customer relationship marketing or consumer buying habits, please contact the Absolute Marketing Solutions team.