“You don’t control your brand empowered consumer”, “we need a Facebook page with lots of followers to meet brand objectives”, “we need to do more with less”. You have probably heard these expressions way too much over the last year. Marketing to consumers today can best be summed up by the fact that today’s consumers want more of what THEY value the most not what you think they should value.
Today’s market leaders excel by:
1. Selecting one component of value they will excel at.
2. Continually raising customer expectations and definitions of value for that specific component.
3. Structuring their entire operations to deliver added value to that component, again and again, better than any of their competitors can.
The modern consumer market is characterized by increasing expectations. For example:
1.Price sensitive markets Once upon a time, companies automatically increased their prices annually. That would be the course to oblivion today, however. If consumers value low cost, they now expect next year’s products to be even Technologies and distribution of cheaper and better production come on stream.
2.State-of-the-art markets Consumers expect the next generation of products , add new features will amaze and dazzle. Apple is finding this out the hard way as they have set the bar so tight that consumers and the media expect to be blown away by new products.
3.Time sensitive markets .Consumers now expect their purchase transactions to be short, efficient and accurate. They penalize companies that are difficult or mistake prone.
4.Premium service markets The premium service of yesterday has become the minimum
Service level expected today . Consumers who pay today for premium service expect the company to treat them as if they satisfy their only customer , and fold everything their needs. They expect you to be on social media to answer their problem on their terms and don’t even think of having me call an endless phone tree and wait forever.
5.Product Instead , the quality of quality considering the surcharge depends on , today’s consumers expect high-quality, low-cost products has seen with no one ever before functions are enabled to the market on a regular basis.
This leads to the four business premises that hold success in business today. These premises are:
1. Companies can no longer raise their prices to increase their costs . Instead, companies need to find innovative ways to lower costs to meet the raised expectations of their customers.
2. Companies can no longer afford to provide anything less than hassle-free service to their Customers . Now customers were expected conditioned effortless, flawless and instantaneous service.
3. Companies We must not fall into the trap a good basic service of the assumption is sufficient. Customers are now demanding premium service – And your definition of premium increases as well.
4. Companies cannot compromise on quality and product Ask. Customers expect quality products embodying flashy innovations to be brought to market on an ongoing basis from year to year.
Market leaders succeed by abiding by four operating rules:
1.They provide the absolute best offering in the marketplace in the specific dimension of value they have chosen. In other words, they provide the marketplace with a value proposition that is compelling and unmatched.
2. They maintain minimum threshold standards in all other value dimensions. In other words, while one dimension of value is focused on, performance in the other dimensions cannot be so low that it reduces the attractiveness of your company’s area of unmatched value. You have to perform adequately in these other areas as well.
3. They dominate their markets by continuing to improve value year by year. To sustain market leadership, companies must ensure their operating models are improving at a more rapid rate than their competitors. Otherwise, their position of market leadership will be assumed by another company which outperforms it.
4. They build a finely tuned model operation dedicated to providing unique value in the specific dimension of value they’ve chosen. Market leaders continually raise and then meet greater customer expectations. The ability to achieve this on an ongoing basis is the market leader’s key competitive weapon in the competitive marketplace.