Over the years we have discussed the different types of marketing.Demand generation marketing is focused on bringing new customers into your business, but also focusing on getting your existing customers back in the business to shop via customer retention and upsell marketing as well. In the age of the seller (when the business and the people working at the business were the sole source of information on products & services) a great deal of time was not spent understanding the customer. Most of the time was spent on educating the customer and differentiating themselves from any competition.
Understanding Adaptive Marketing in today’s age of the buyer must center around the customer and the customer experience. Understanding your customer and markets is vital. This would also include the e-commerce market, which in the case of the PawnMaster user, is a global one. Today’s buyers want very personalized experiences with their vendors. We have always said we are in the people business, but this is more important than ever before.
Many business owners, when it comes to understanding their customers, have a problem of discerning the reality of their business versus the customers' reality of their business. This is step one in gravitating towards the needs of your customers. I have recommended the book The Competitive Advantage by Jaynie L. Smith to many operators so they can get an unbiased view of their business. The book emphasizes taking simple steps, like having your employees and customers take a survey of your business, then compare notes on the survey you took to see where the perception gap is.
Once you have zeroed in on the improvements and come to find what is most important to your customers, you can now take action with messages, products, services and store set up. These are all part of Adaptive Marketing. Remember…You don’t want to fall victim to the “We Have Always Done It That Way" syndrome.
We wish you great success in 2021. Please private message me if you would like to discuss this in greater detail.