Research Method Report
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ResearchMethodsgrouppresentation.pptxHow to reach a customer in the right way
Table of Contents
Which is the right channel to reach a customer?
Single-channel, multi- channels and omni- channels
The example of retail banking
Guiding the customers
The right incentives, and the “carrot” & “stick” theory
Creating a buzz
Which is the right content?
Content marketing and types of content marketing
Indented Study Contribution
When is the right time?
Ethical Consideration
Methodology and the example of Laura’s survey
How to reach a customer in the right way
Encourage people to join your email list
Start a blog or a website
Host a photo contest
Encourage reviews
Ask for referrals
Write a survey, questionnaires, poll etc..
Which is the right channel to reach a customer?
For a long time buying goods has taken place via the two main channels: the website of the retailer and/or the traditional retail sales point. It all used to be so simple as separate channel managers, separate channel-targeted segments, channel-aligned products, customers asked to deal with specific channels etc.
Nevertheless things have changed to date. New interactive features are provided on Websites to reach consumers, for example the possibility to try the product virtually and to achieve customised recommendations while mobile channels form the new mainstream of universal shopping, always and anywhere, via the mobile device. There is a rapid increase in the number of channels that enable users to freely access and compare, choose and buy products. Past studies indicate that customers participate more transactions in the new multichannel scenario as opposed to single-channel buyers (Dholakia et al., 2005, Seck and Philippe, 2013).
Omni-distribution channel is defined as using everything manufacturer/retailer have to gain, provide seamless, integrated and unified experience to retain customers.
Omni-distribution channel is about developing customer relations, but it has various challenges. Studies by Ogden-Barnes & Lowther (2012) on Australian retailing decision-making show that customers are lost due to inconsistent communication across various distribution channels during the first engagement phase of Omni-channel. The Kana Company research on Omni channel in 2013 sums up few Omni-channel drawbacks: the retailers face a fuzz in understanding the definition, mission and location of Omni channel in their organisation.
The omni-distribution channel is still in its infant stages, and its evangelization needs to be accelerated as it has enormous benefits that do not stand up to its dares.
The example of retail banking
Retail banking provides financial services for individuals and family
The three most important functions are:
Credit
Deposit
Money management
First of all retail banks offer consumers credit to buy homes, cars, and furniture.
Include mortgages, auto loans, and credit cards.
Yet multichannel marketing is more complicated than it might seem. Industries often multiply their channels to face a host of unintended effects that actually raise costs or cut revenues. For example, in retail banking, less expensive channels like ATMs and the Internet have helped to reduce the average transaction costs by nearly 15 per cent over the past 15 years. However, transaction volumes more than doubled during the same period, as customers check their balances and make withdrawals more frequently than they did during the days they had to wait in line at a branch. The result was a rise in the total cost of serving each client.
What is retail banking?
Retail Banking also known as consumer banking or personal banking, is banking that provides financial services to the general public
Guiding the customers
In order to gain control of multichannel interactions, companies must begin to limit the platforms that consumers use by implicitly directing them through the sales and service cycle, from product recognition to purchasing and supporting post sales.
to minimize these risks
to use opportunities to direct its clients to the correct channels
to provide a network for mitigating any opposition by its consumers and channel partners
The right incentives, and the “carrot” & “stick” theory
The Carrot and Stick approach of motivation is based on the principles of reinforcement and is given during the industrial revolution by a philosopher Jeremy Bentham. This theory comes from an ancient donkey tale, the best way to move him is to put a carrot in front of him and jab him with a stick from behind.
extremely short wait times for automated service
longer waiting times for counter service
Creating a buzz
A buzz is a trigger which results in marketing the word of mouth.
phrase
tagline
logo
mascot
advertisement
or any other trigger that makes the brand or its product talk to people.
Which is the right content to reach a customer?
Each consumer group has unique expectations, experiences, education, political preferences, culture, lifestyles and values that influence their buying behavior. That is why it’s essential to use more personalized and thought out content to maximize the effectiveness of marketing used.
Types of content marketing
Blogging.
Online and physical articles and
sponsored content.
Online ads.
Video (Youtube or TV ads.)
Podcasting.
Social media (Instagram, Facebook)
Review sites.
Events (Industry or social).
Email ads.
Pop-up ads.
Influencers.
And many more
“Keep in mind that each one of these choices can be a host for different types of content, varying on the type of customer”.
Trends
Consumer privacy and information collection.
Global events and social trends influencing marketing.
Increasing brand awareness vs sticking to
old customer.
Extensive usage of social media.
When is the right time to reach a customer?
The marketing landscape has changed dramatically in recent years because of the digitization of just about everything, new consumer behaviors, and competitive pressures.
Today, more than ever, companies are looking to build and nurture personalized relationships with customers to drive increased loyalty and engagement. And although companies' intent to enhance connection points with their consumers has evolved, too often their approach has not.
As few as 18% of customers who are typically reached—even with traditional and digital tactics CMOs consider most effective—are interested in the promoted product or able to buy it, according to an Accenture survey of 500+ CMOs. That means hundreds of billions of dollars spent annually could be spent more efficiently. It's no wonder that less than half (41%) of CMOs said they were "very satisfied" with the value-for-money of their mix of marketing tactics.
The new approach of Just-in-Time Marketing
Research has revealed that some companies have taken up a page from the manufacturer's playbook, designing marketing strategies that reduce their marketing inventory dramatically.
They only generate the content that is needed at the very moment it is needed; they deliver the right message or deal that targets customers at a time of need or latent need precisely.
Interestingly, marketing companies that are just –in time are not generally more interactive, and do not typically invest more on analytics.
Instead, they incorporate skills in their operations in a more forward-looking way: they respond to direct demand signals, empowering people closer to "practise" in making decisions.
And they incorporate new requirements sensing technologies into processes.
The right time to reach a customer
Connect with consumers where they live: social media
Build a presence
Craft a personality
Technology is your friend
Personalized
Amazon pioneered highly personalized product recommendation emails based on, well, everything: purchase history, past order value, location, age, gender, and on-site browsing.
Browsing history of Amazon
Intented Study Contribution
Study will be useful for managers.
Different Industries. It will help them to introduce new policies.
Findings of the study will be useful to academics as it will add to the existing literature about right way to reach a customer.
Ethical Consideration
The first way of ensuring ethical practice will be to acquire respondents’ consent.
Integrity
Honesty
Confidentiality (Privacy)
Survey of Laura Beaudin
Laura Beaudin: We asked nearly 1,700 marketing and media decision-makers in North America, Europe, Australia, and Japan about their priorities for achieving their marketing goals in the next three years. The top response was gaining an improved understanding and ability to reach the right customers.1 Using digital insights to understand your best customers and then market to them, and other audiences who behave like them, is not new. That's been a strength of market leaders for quite awhile.
But what we found in this study is that it’s no longer sufficient to just know who the customer is. We’re entering an era where being relevant to those customers means building strategies around timely marketing to ensure you’re reaching them when they’re ready to engage.
Our Survey
14 questions
30 answers
60% of people sometimes purchase online
66.7% of people want to be reached by instagram
53.4% like ads. that focus on promoting new products
As to what makes an ad interesting, it must be: catchy, funny, diversity, empathetic etc
THANK YOU!
