Posts Tagged ‘marketing strategy’

No Such Thing as a Commodity Product

January 26th, 2016
Steven Howard

You can differentiate any product or service Product differentiation is a marketing technique that can be applied to any product or service offer. It is my deep-seated belief that there is no such thing as a commodity product….there are only products that are marketed like commodities. Remember: Customers do not buy products — they buy solutions. One way to differentiate your product is through the way it provides solutions. Another is through the …

12 Marketing Philosophies

October 29th, 2015
Steven Howard

12 Fundamental Marketing Strategies for Increasing Customer Retention I thought I would share with you 12 of my personal marketing philosophies that will enable each Keeping Good Customers reader to develop his or her own beliefs on the fundamentals of marketing. In no particular order of importance, these 12 marketing philosophies are: Segment customers based on customer needs, not the needs of your organization and not based around the structures of your existing …

More Thoughts on the Definition of Marketing

October 27th, 2015
Steven Howard

Marketing means creating and keeping good customers   In the previous Keeping Good Customers Blog, we offered the following as a new definition of marketing: “The ultimate role of marketing is to create and keep good customers, to the benefit of customers, the organization, and stakeholders.” When I first proposed this new definition of marketing in my Monday Morning Marketing Memo newsletter a few years ago, many readers responded with thought-provoking responses, a …

A New Definition of Marketing

October 22nd, 2015
Steven Howard

The role of marketing is to create and keep good customers It was with shock and horror that I read a few years ago an Australian Marketing Institute white paper titled What Value Marketing? describes “the ultimate role of marketing as delivering increased shareholder value.” When and how did our profession get so far off the mark? Contrast this with the new definition of marketing from the American Marketing Association, unveiled at about …

Building Customer Loyalty

September 10th, 2015
Steven Howard

Customer Satisfaction Is Better Than Mere Customer Service How do you build customer loyalty? To start with, your organization has to be able to fully understand customer requirements and to appreciate customer needs…particularly individual customer needs. And you need to have policy flexibility and organizational adaptability in order to meet individual customer needs. In other words, you need to be flexible in how your policies are applied. Not all customers are equal or …

7 Laws of True CRM

September 3rd, 2015
Steven Howard

Making CRM Mean Customer Retention Marketing I have long struggled with the concept of Customer Relationship Management (CRM), mostly for the simple reason that I fully understand that customers do not want their relationships with an organization managed. This is why the whole notion and philosophy of CRM as customer relationship management is wrong. One of my key messages has long been that marketers and senior management need to think of CRM as …

Customer Retention: The Art of Keeping Good Customers

August 23rd, 2015
Steven Howard

CRM Should Mean Customer Retention Marketing The world in which marketing takes place has changed, and continues to change at a rapid pace. Customers, customer needs, and the individual motivations for making purchasing decisions are also changing. The natural loyalty of customers is a thing of the past, not just because customers have become more fickle but also because the large majority of organizations do not exhibit any tendencies that deserve customer loyalty. …

Truly Understanding Customer Needs

August 6th, 2015
Steven Howard

Customer Needs and Concerns Need to be Fully Understood I write and speak often of the need for frontline staff (and actually all staff as well) to fully understand and appreciate customer needs. And, simultaneously, I encourage management to develop flexible policies and procedures so that their staff can handle customer needs and concerns on an individual basis. Here’s a true story that brings all these points succinctly together. A man in Singapore …

Importance of Customer Retention

July 31st, 2015
Steven Howard

Many organizations place a great deal of emphasis on attracting and gaining new customers. While this is important, I feel it is more important to place an even higher emphasis on retaining and keeping your current customers. This is particularly true in saturated markets and industries, where your customers have many, many alternatives available to them. Numerous research studies have shown that if you can reduce your attrition rate….that is the annualized rate …

Taking Care of Customers

July 29th, 2015
Steven Howard

I was in Melbourne one year attending a major meeting of the Australian and New Zealand banks that issue MasterCard credit cards and Maestro debit cards. Mr. Nicholas Utton, Chief Marketing Officer of MasterCard International at the time, had one key message for this audience of senior bankers concerning customers: “If we don’t take care of our customers, someone else will.” That’s worth repeating….and reflecting on: “If we don’t take care of our …

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