Tuesday, June 21, 2016
Broadening Your Customer Personas
Customer personas have long been a tool marketers have used when trying to relate to their target audience. These fictionalized, typically generalized versions of theoretical people can be a great way to help the designers of a campaign keep their "eyes on the prize," so to speak. After all, if you're setting out on a road trip across the country, it can be helpful to know exactly where you're going before you back out of the driveway.
However, the huge influx of data that marketers now have access to is a terrific way to deepen these customer personas more than ever before. You no longer just have things like age, gender, employment status or income level to work with. You can now draw from not only what has influenced past purchasing decisions, but WHO. You have volumes of analytical data pertaining to lifestyle, interests, and behavioral patterns. You can even draw valuable information from how a person might respond emotionally to a certain event in their life.
All of this means that an already powerful tool, customer personas, can now be put to even more meaningful use in the future. These personas are no longer generalized at all, which is very much a good thing for marketers everywhere.
Redefining the "High Value" Customer
Another great way to use customer data to create a more powerful customer experience is to reassess your "best" or "highest value" customers through the lens of this new data you're working from. You've always been able to call up data like average purchase size, lifetime value, and acquisition costs pretty easily, but now you can go deeper. You can get a real sense of how satisfied your customers are with your products or services and look at how that information may affect what you need to do for your customers in order to get them to remain loyal.
You can also see whether or not the people you're actually targeting with your marketing materials are the ones who are actually spending money on what you have to offer. If there is a discrepancy there, who ARE your buyers? Is this a problem, or is this a happy accident? What does this new information say about decisions that you were previously making on assumptions? This is all incredibly valuable information to have moving forward.
At the end of the day, the huge volumes of customer data that marketers now have access to is absolutely NOT a burden. We live in an age where it's now easier than ever to glean the type of valuable, actionable insight that you can use to make more effective, strategic decisions. All of this allows you to drive home the most important benefit of all: creating a much more powerful, organic, and deeply rooted customer experience than what was possible even five short years ago.
Thursday, June 16, 2016
Identifying your unique sales proposition is by far the most effective thing you can do to make your company a success. Creating a memorable image that will grab people's attention and make them feel like they want you to be their best friend goes a lot farther these days than claims at superiority.
But maybe you already know this and maybe you've already identified how your company is different from the rest of the companies that sell computers/shoes/lamps, etc. Fabulous! One question: Do your customers know what makes you unique? (Cue head scratching and cricket chorus.)
If your brand doesn't scream, "I'm a unique snowflake" to everyone that sees it, you can do better. You must do better! You owe it to your company to be as unique as you are. So, how do you go about communicating how your company is one of a kind? It's all in the brand!
One of the best ways to figure out how to craft your brand to communicate your unique sales proposition is to carefully analyze how other companies are doing it. Let's take a look at two companies that have really done the work to make sure their brand conveys their unique sales proposition...
- Saddleback Leather - This company makes leather bags and accessories, and...so do hundreds of other companies. However, Saddleback has distinguished itself by selling "excessively high-quality leather designs" that are overbuilt and backed by a 100-year warranty. Their logo: a thick, letter tag embossed with their name, with obvious stitching and three big rivets at the top. Their tagline: "They'll fight over it when you're dead." Their ideal customer is someone who works hard and wants their bags and accessories to work harder and last longer.
- Timbuk2 - Yes, another company that makes bags...but guess what? This one is...wait for it...different! By its' name alone, we know that they are about travel and adventure. If you don't want to wander out into the wild, brave the unknown, or at least have all your stuff clean and dry when you get to wherever you're going, you may not be their target customer. Their current tagline is "Drive the bus" which, let's be honest, doesn't necessarily convey a specific unique sales proposition, but the story behind it is compelling and reinforces their mission: "To inspire urban mobility, enable individuality, & promote responsibility." They do this through their adherence to their values, which include statements like "Be Fearless. Deliver. Be Nimble. Engage. Lighten Up." Timbuk2 is a fantastic example of infusing your company with personality.
These two companies, while selling many overlapping products, have gone out of their way to distinguish themselves from their competitors. They truly love their products and want their clients to love them too. What's interesting about both of these companies is that they were started by people who couldn't find what they were looking for in the bags of the world, so they set out to make them. In doing this, they were able to:
- Put themselves in their customers' shoes
- Understand what motivates their customers' behavior and buying decisions
- Uncover the real reasons customers will buy their product instead of a competitor's
These are three critical factors in identifying your unique sales position. Basically, they were the customers, so it wasn't a big leap to get into their heads and create the experience that would drive consumers to love and buy their products.
It's easy to get a little lazy and fall into the trap of "it's good enough for now" and throw something out there, never to be improved upon again. If you love your company, you'll take the time now to make sure your brand conveys exactly what you want it to convey to your ideal client.
Ok, maybe business owners don't have issues with their cats, though the other questions are probably crowding their brain space right now. Fear not, we've identified 4 business trends you should be paying attention to this year.
- JOBS Act Crowdfunding Investment Opportunities
Not everything in business is free. It may be all well and good to max out credit cards or drain your savings to start and grow your business, but now there's a better way. The JOBS Act: Title III was recently released and what that means for you is that your business can raise investments through crowdfunding, even from non-accredited investors. If you're in the market to increase your market share, consider checking out sites like Crowdfunder.com or Equitynet.com.
- Rapid Delivery Systems
You've probably heard by now of rapid delivery and logistics systems like AmazonFlex and UberRUSH. Society is moving rapidly to an on-demand world, capitalizing on an economy of shut-ins, or more likely, extremely busy people. If you are in the business of selling products, you can now easily integrate an entire network of delivery drivers to hand- deliver your goods to your customers' doorsteps.
- Cyber Security
Unless you've been living under a rock, you've undoubtedly noticed that the world is moving to the cloud. The rise of SaaS (Software as a Service) companies and the increasing value of information have turned the web into a hackers dream. They're becoming more creative as well. Imagine coming into the office one day and finding that all of your files have been encrypted and a ransom note is in your inbox for the key. Your business could easily come to a crashing halt.
If you've never thought about cyber security or don't know where to start, head over to the Federal Communications Commission and create a custom Small Business Cyber Planner.
- Social Responsibility
Today's consumer is becoming more socially aware and more socially active. They care about the world they live in and they expect the same from the businesses they patronize. Earn their respect and you will have dedicated clients for life. We're talking more than just going green, though, although it's always a great first start. The next step is to imagine ways in which your product or service could help reduce suffering, poverty, or climate change. Find an issue that resonates with you and your clientele and that finds a way to effect a little social change from within your company.