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Friday, 26 August 2016

Give Marketing Basic a Twist

Hum Apane Shashakon ko nahi badal sakte per Jis tarah se Vo hum pe shashan karte hain vo hum badal sakte hain. This means, We cannot change our Rulers, but we can change the way they Rule Us, a famous quote by Dheerubhai Ambani. This quote is valid in marketing world also. We cannot change the marketing basics, but we can change the way basics are applied.
Quote might feel a bit hard to corelate but the marketing fellas here can relate it easily as they are already onto it, and if not, now they will be after reading this article, as we will be talking about Customer Insights and Customer Profile Management Yeah ! you’ve heard these . 

So what’s the basic of marketing ?
  • Marketers
  • What is being Marketed
  • Target Market
The Core Concepts of Marketing includes Needs, Wants and Demands…
Needs: It is the state of deprivation of some basic satisfaction like food, shelter, clothing etc. In this case, the consumers are 100% sure of their mood. They will either buy or leave without questioning or queries. Generally need is a factor to target during starting of a business, either a product or service is present or how it can be upgraded, upscaled and presented to be shown form a new dimension, for example a Milk Bottle recreated as a Healthy, Low Fat Milk Jar. Hahn..never thought it form this angle…!

Wants: Wants are the Satisfiers of deeper needs. In this case the consumers have eagerness to buy or use but they are unsure about it as they lack the ability or is has it on low priority.. Want is the factor for a business when they are established and can provide other variant of their services or products. For Example, a car manufacturing company launching variant models of a single series. One is the base model which is affordable, less features, good performance according to pricing, and one is it’s upgraded version, more power  features or even a sunroof but it is costlier than it’s base model. For a economical person , the UpEnd version is a ‘Want’, somewhere it is his/her desire to buy a high end car but is satisfied with present one.

Demand: Demands are “Wants” backed up by Ability and Willingness to buy. Here conversion chances are 100% as the consumer has ability and willingness to buy a product or service. In this case a business can profit the most as the term”Demand” itself percepts a large group of people willing to buy. Demand is generally made when a product is excellent in class but due to limited supply it is getting out of stock. For example, a Low Fat Milk bottle, generally health conscious people buy it but as population starts getting aware of Low fat Milk, demand is increased but the supply is the same. Here rises the factor of “Demand”.

Now taking back to correlating the quote with marketing world. Taking the third and most important part of marketing basics, i.e Target Market, how to know what your target market is?
As the basic of marketing tells to approach people and ask them their preferences, experiences and their needs. For doing so marketers create survey forms,  appoint personels to visit/approach people and fill out required  

Now comes the twist, Customer insights. As the name itself speaks, it is the deep understanding of customers. How customers can be understood? By knowing their activities. How you know their activities? They themselves will tell.

Customer insights gives deep understanding of how a customer is interacting. Whether they are skipping something or preferring a certain combo. Their activities will automatically projects their choices, without asking them. Several new ideas and choices are discovered by marketers upon applying customer insights.
After generating customer insights, Customer data management is necessary in order to store a single consumer data. Customer data is the collection, analysis, organizing, reporting and sharing of customer information throughout an organization, which can be used anytime and anywhere by the organization, by any department for analysis and implementation.

Here adopting third basic of marketing is involving customer and the marketer but the way is different. Customer himself is revealing their choices, priorities, Demands and hidden Trends, without even asking.



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