Investment in the retention of existing customers lags behind the investment that companies make in customer acquisition.
User generated content (UGC) can provide your brand with a nearly endless supply of content for use on your website and social media accounts. The trick is to incorporate the UGC in a way that maintains brand integrity, engages your target audience, and gently markets your brand without feeling staged or overly random.
Market research can be undertaken for a variety of purposes such as finding a key demographic, gauging a target audience response to a new product or service, or for justifying a business loan. Whether your organization conducts in-house market research or hires an outside firm depends on your budget, time availability, and comfort level in the world of research.
In today’s competitive market, customers have a large array of choices. Customer-centric marketing is a long-term strategy that invests deeply in making connections and building stronger customer relationships. At the heart of the idea of customer centricity is not just a focus on any old customer, it is a focus on your most profitable customers. A concept first addressed by Dr. Peter Fader, he explained it as looking at a customer’s lifetime value and focusing marketing efforts on that high-value customer segment to drive profit.