Understanding the engagement of your customer base is an important element of your Marketing Strategy. While multiple metrics have been defined for measuring this engagement, the Net Promoter Score has been used widely as the standard for customer engagement. The seminal question “Would you recommend it ?” has been asked to probably millions of clients/customers across the world. Agreeing or Disagreeing on the metric is not relevant. What is relevant is to accept that customers engaged positively with your brand and your services will help you achieving your objective while others negatively engaged will play against your objectives. Do you know it? Do you take this into account in your strategy?
Interesting article from Roland Berger Consultants about Sales in a Digital World. Their thesis is that you need to master 3 Cs if you want to have a voice in this new world:
- Develop the Customer Base: It is definitely in line with what I am preaching. You should not only focus on acquisition but also on stimulation and retention. The CLV dimension of the Marketing Canvas is telling you how much you perform versus your ambition;
- Orchestrate the Channel: I also agree but I would extend this to Orchestrate the Customer Journey as it is much broader than channel and it is integrating elements like Brand experience, touch-points, emotions and wow moments.
- Manage the complexity: it is maybe fluffy as notion. We all know that we should manage the complexity, the question is how should I do that. One possible answer is in the article when they discussed centralisation. I think the key element there is to automate your processes (BPM, scripting, algorithms, ...) in order to reduce the chaos and uncertainty. but don't forget to keep the human part.
Source: Roland Berger, Think Act, The digital future of B2B sales
What is the best way to start defining the marketing strategy of your company, business or activity? My proposal is to start with a bold strategic question! Why?
When you work on your commercial strategy for your startup, you can facilitate this conversation with using the Marketing Canvas (more on the canvas here). Please find below 10 steps you should follow:
What is your goal? Big Idea? Define a question that will clarify your projected future like How can we achieve 1M€ after one year of operation? How can we generate 5% growth next year? How can we differentiate our brand in a digital world where predictive technologies driven by AI will become a standard?
What is the problem you are trying to solve? Clarify the job to be done for your customers.
Who is our buyer and user? Define your persona.
If not you who else? Define the category where you are playing and what are the alternatives for your buyer.
How do you want to be remembered? What people will say about you? Your BRAND
What is your answer to the problem your buyer has? What is your value proposition? Do you have USP, ESP, Clear Pricing and Proofs?
What experience people will have with you? Will it generate sales and engagement? JOURNEY
How do you discuss with your buyer? Do you have conversations? Do you listen? Do you have content, stories, influencers? Which media do you use?
Does it make any financial sense? What is your Marketing Budget and Revenue?
If you don't think it all works, iterate one more time
Use the canvas and answer to these questions using all dimension while asking the same question:
Will my .... help me to achieve my goal?
RED: Not at all; GREEN: Definitely
RED dimension must be reviewed or mitigated because that are not helping you to achieve your goal.
Interested in the Marketing Canvas, you can find more information here.
The tool has been designed for facilitating the discussion when designing your strategy.
High-level process is:
- You start from an ambition/question (like increase revenue by 5%, have more digital transactions, be more meaningful, ...)
- You discuss using the 28 dimensions asking:
- What's blocking you to achieve your ambition? (brakes)
- What's helping you (Accelerator)?
- You can support this rating using any information, knowledge you have but it works also if you only rely on qualitative information.
- Then you map your answer on the Canvas. Red are brakes; Green are accelerators.
- Then you try to analyse these brakes/accelerators and understands what cause them, what are the correlation.
- Then you start ideating (brain-writing, co-create, ...), find crazy or impossible ideas) on what you could do (magic diamond, do things better, do different things).
- Then you prioritise your ideas.
- If you can you test it.
- Then you have your action plan.
If you want to design the marketing strategy for your business, you should first start to analyse where you will play. What does it mean? It means that your product/service will be associated by consumers/buyers with other alternatives they have on the market (maybe no alternative exists which means that you creating a new category also referred as a blue ocean).