Customer-centric marketing is one of the methods of marketing that the internet has brought. In the past, TV and radio advertisers rarely did customer-centric marketing. Everything was centered on the product instead. In this article, we are going to discuss the term customer-centric and help you understand all of the methods and strategies involved, as well as the definition of the term and how it is used in the marketing world.
What Is Customer-Centric Marketing?
Basically, the definition of customer-centric marketing is marketing that is based around what the customer needs rather than what the advertiser is selling. Customer-centric marketing was impossible in the past because advertisers only had certain mediums that they could use to reach people. Of course, they did try to make the customer the focus as much as possible, but since demographics varied so considerably it was difficult to do.
But with the Internet, customer-centric marketing has become much easier. Customer-centric marketing is all about fulfilling the needs and catering to the individual customer rather than to a group of customers. Customer-centric marketing is the opposite of one-size-fits-all marketing.
The Long-Term Investment of Customers
Customer-centric marketing is centered on a single principle: the customers are a long-term investment that is going to pay off eventually. You can definitely compare customer-centric marketing with other types of investment plans. For example, someone in the financial world might have various types of Investments that they do from real estate to stocks, bonds and CDs. These are all different types of Investments and they all must be managed differently. However, if they are managed correctly they will pay off in the long run.
Why the Internet Has Changed Things
The internet is the reason that customer-centric marketing is possible nowadays. Because computer software is he able to tell who is viewing a specific ad, you could theoretically customize every advertisement just for the person that is seeing it. You are already seeing that in some cases, when the advertisement on a website gets your name from somewhere and uses it. As the technology improves, you can expect to see advertising that is tailored almost to every single individual.
Other Common Marketing Approaches
Let’s talk about some of the other marketing approaches, just so you are able to contrast customer-centric marketing with all of the other approaches out there. These are not the only ones but they are the ones that are used 99% of the time.
- The first is product marketing. We have already discussed this a little bit. Product marketing is centered on the product. It is when individual product categories are brands or a portfolio of products is optimized to be attractive.
- Event-based marketing is the next approach. Event-based marketing allows you to manage your marketing based upon events that are of interest to the site visitor.
- Finally there is channel marketing. Channel marketing optimizes individual marketing channels based on specific metrics like measurements of social media click through rates and opens for email.
The Problem with Other Approaches
The problem with these other approaches is that they do not cater to the individual customer. That is unfortunate because they have the capability to do so toa certain extent. Consider this for an example. Suppose that you own an online clothing store. You might be advertising the season’s latest dress when the customer seeing the ad really isn't interested in a dress but would buy a pair of shorts if it were presented to them. But it doesn't just have to be about products.
What about customers that respond to advertising messages differently? You might be able to convert one customer by sending a dozen emails while another would convert with just one single email that was targeted specifically to them. The bottom line is there are so many ways that you can make it all about the consumer and people that purchase your products are going to appreciate that they are important enough to your company to be uniquely targeted.
Why Customer-Centric Marketing Matters
There are some pretty specific reasons why customer-centric marketing is so important. If you have the opportunity to target your marketing towards an individual customer then you definitely need to do it because there are some major benefits. There are four big ones, and they will allow your company to rise far above the competition.
- First, they will inspire brand loyalty. People love feeling like they are apart of something and your customers know that they are a part of your customer base; that you know who they are and that they are important to you. That means that customers will be loyal to you and keep coming back for future purchases.
- Another reason to use customer-centric marketing is that it isn't wasteful. In fact, it is quite cost-efficient because you are not sending out a bunch of ads to people who aren't going to buy anything. Instead, you are sending the right ads to the right people and that means higher conversions.
- Customer-centric marketing also allows you to change your message at any time. Because the nature of customer-centric marketing is very fluid and dynamic, if something changes and you need to update your marketing immediately, you're able to do that. Imagine organizing a massive Direct Mail campaign and then realize that you printed the wrong information on the flyer afternoon already gone out.
- Finally, you are just simply going to increase your bottom line because you are going to stand out from the competition. While customer-centric marketing is not necessarily a new tactic, it is something that isn't being used by everyone and in fact, the companies that are using customer-centric marketing or easily identified in the marketplace.
Customer-centric marketing the bottom line is if you are in business and you advertise online(which every business should be doing). There are so many benefits to doing so and rather than it costing you money to cater to individual customers, if you set it up correctly, you'll actually be saving money in the long run.