More and more, the customer is in charge. More and more, your best hope for superior growth–much less staying in business–requires stealing share from the other guys.
Unless you compete primarily on price–and your cost position allows you to win the inevitable race to the bottom–I suggest focusing on three guiding principles if you want to win in an ever noisier, omni-channel world.
The lines between shopping (and media) channels grow more blurry by the day. The growth in mobile is making the demarcation between e-commerce and brick & mortar a distinction without a difference. Increasingly, the blended channel is the only channel.
For companies that hope to thrive, this means taking a sledgehammer to silos. Customer data silos. Inventory silos. Organizational silos. This requires eliminating the friction that exists throughout the consumer’s decision and purchasing journey. It necessitates an intense focus on integrating the way the customer interacts with your brand and connecting all the dots on the back-end.
Ultimately, you may tell yourself you have many channels, but from the customer’s perspective there needs to be one brand and a completely unified experience.
One-size-fits-all marketing strategies are becoming less and less effective. An explosion of choices means the battle for share of attention grows ever more intense. For many brands, it’s the end of mass and the beginning of us.
Understanding us–and consistently delivering remarkably relevant experiences and offers to us–puts a premium on deep customer insight. It requires developing ways to address us uniquely and in context. It requires a commitment to experimentation.
The notion of 1to1 marketing has been with us for some time now. At last, the tools to deliver on the promise are becoming readily available at scale. More importantly, the customer expects us to know them, show them we know them and show them we value them as individuals. Ultimately, he who gets closest to the customer wins.
In many industries there is a pervasive sea of sameness. Similar products and services. Nearly indistinguishable (and relentless) sales and promotions. Undifferentiated branding campaigns. Look-alike designs.
It’s always been a solid strategy to have a unique selling proposition. For a long time we’ve known that word-of-mouth is a brand’s most effective advertising. But in today’s world it’s harder and harder to separate the signal from the noise. Without the remarkable–without your purple cow–at best you’ll tread water. At worst, you are out of business.
Without something meaningful and relevant to amplify about your business it’s hard to imagine why anyone will pay attention for very long. And without a remarkable story to share, it’s hard to imagine how your customers will help amplify your message.