Articles
Articles
The foundation of a successful marketing strategy is an understanding of what product/service should be offered, how it should be presented, and to whom. Determining these three things is the essence of the marketing function. Purchase Logic is marketing's primary tool for coming up with the answers.
Customers and prospects will not tell you what their Purchase Logic is. In some measure this is because they do not know themselves. However, they also cannot be expected to take the time required to try. They are busy with their own businesses and lack the incentive to worry at length about how you could serve them better than your competitors. The lion's share of the work therefore rests on your shoulders.
Globalization and the Internet have profoundly altered customer expectations. Today, customers expect prices to go down while received increases. As a result, what customers want to buy and why they want to buy as changed. This new Purchase Logic is driving the transformation of product businesses into information-based digital services.
In order to measure and improve customer satisfaction, it is essential to understand what factors actually drive customer satisfaction. These are the factors that really matter to your business because they increase customer loyalty and cause repeat purchase.
The purpose of customer research is to develop new knowledge about a market. In order to do this, surveys must be designed to gather accurate, reliable data about customer preferences. Then, the collected data must be tabulated so that it reveals information and analyzed to produce new insights.
Three questions must be answered in deciding whether or not a new product or service idea is worthy of pursuit. The answers reveal whether or not there is a "basis for interest" to go ahead with development and testing.
Segmentation is a way to understand your market. Segmentation divides a market into distinct groups of customers that want a product or service and explains why they want it. A segment is a group of customers who exhibit the same buying behavior and seek the same benefits from a product or service. We refer to these shared characteristics as "purchase logic."
A marketing plan is a request for funds and a commitment to deliver specific amounts of revenue, unit volume and profit in return. The acceptance or rejection of a marketing plan is based on the analysis, reasoning and inventiveness of the proposed actions. Fact-based support (marketing research or test market data) is the key to building a good marketing plan.
The key to developing advertising or packaging for a Brand is a well thought out creative strategy. In order to prepare a creative strategy, it is necessary to learn why people buy your product or service, and which benefit has the largest impact on the target audience.