Lenders can learn from the Michelin marketing campaign which has seen the firm boost its US market share without cutting prices, says Jeff Knight, managing director of Tonic Marketing Solutions
We used a variety of research types, from regular online surveys to consumer research that helped shape public policy. We also undertook customer satisfaction and psychographic studies.
In the new era, businesses have gone a bit measurement mad. While I have always been a believer in measuring marketing activities we are now seeing activities not being carried out simply because they are hard to measure.
In my humble opinion there is only one true measure of success – customer satisfaction. Some will argue that it is sales data or profits that really matter and I am not disagreeing with that but sales figures and profit data deal in the here and now, they do not paint a picture for tomorrow.
A good customer satisfaction piece of research can highlight what needs to be done for the future. The alternative is to be left behind, making no connection with customers.
To get really smart, find out the key motivators of your customers and assess your ability to meet these compared with your competitors.
From this you can build a model that gives the whole organisation an instant view of how to take the business forward. Using the Net Promoter Score too will give you hard data to hang your hat on. It’s also a great way of uniting departments to get behind a common goal.
Build on this with psychographic research. This allows you to get into the minds of consumers and brokers, finding out more about their motivations, personalities and behaviours.
By doing this you’ll know how to reach them, where to reach them, and when and why you need to reach them.
Your marketing communications will be more effective as you will be making emotional connections with your target audience rather than simply promoting products.