It’s common for marketers to exaggerate the importance of their brands in consumers’ lives. Brand positioning statements are often written as if consumers constantly think and obsess about the brand.
Open at Public's insight:
Brilliantly light hearted yet realistic portrayal of the difference between consumers and professionals within the brand communications industry. As professionals we want what we do to matter and sometimes suffer under the misapprehension that we are always top of mind with our target audience.
The reality is of course totally different with brands playing a supporting role to some people, some of the time, in our modern busy lives.
Amazon is a classic case study of how to excel at both simultaneously Image Creator: Stuart Miles Freedigitalphotos.net The term "consumer-centric" has been bandied about in retail a lot recently. What does it really mean to be a consumer centric retailer? Obviously, it means to be focused on a consumer's point of view and their interests. Yet, retail has historically focused on merchandising and selling products when consumers come to the store or website. To survive, retailers must profitably sell products. But today, omni-channel is the new retail normal. It’s not a question of either or. To be successful long term retailers must essentially become schizophrenic and master the art and science of both consumer and product centricity. Sometimes you are just "gob smacked" with a breakthrough idea While traveling Europe this past week, I once again ran into the term "gob smacked". It is not a common expression in the West or in Asia. But, there is no better term to describe something that literally stops you in your tracks and makes you take notice. In writing this post I was reminded of a past blog where I used the term "gob smacked" in relation to getting people's attention through visualization. When I ran across Don Peppers visualization of critical success factors to compete successfully, well, I was completely gob smacked by his elegant simplicity! So many retailers and vendors are fixated on just category management and SKU profitability. Yet consumer studies show that the world is quickly changing to the empowered consumer and the need to establish relationship with them. Peppers artfully argues that successful companies need to do both simultaneously. Peppers Model explaining the duplicity of consumer + product centricity Central to Peppers model is the juxtaposition of consumer and product dimensions: "So first we should visualize a "marketing space" defined by the customer needs a business can satisfy (the vertical dimension) and by the number of customers it has (the horizontal dimension). Then we can map customer centricity and product centricity on the same diagram". The value of this approach is that it inherently defines the core competencies of strategically competing in today's omni-channel world. Success is not choosing one over the other; it is being able to both manage and measure product sales and consumer relationships. Don Peppers Model for explaining the synergy of consumer and product centricity Product centricity … essentials and pitfalls In my work with retailers and consumer product manufacturers, I experience many clinging exclusively to product centric marketing of the past. You can see it in the typical metrics used to measure the business and success criteria. Product centricity is reflected in scorecards focused on: Unit sales volumes Product mix sold Customers reached and markets penetrated Year over year growth of product sales revenue Market share by category There is nothing inherently wrong with a product centric focus. In optimizing their business, retailers need to analyze the profitability generated by each product (GMROII). They also need to analyze assortment mix and...
Olivier Toubia, Glaubinger Professor of Business, talks about his core course Marketing: Innovation through Customer Centricity II. "As a business person you...
Open at Public's insight:
Great piece on the outside in versus inside out approach to business. I wonder what would happen if more companies changed their focus from “How do we sell more products?” to “How do we create more happy customers?”.
It seems Andy Warhol was right in 1968 when he stated that “In the future everybody will be famous for 15 minutes.” Through this quote he predicted that, someday, the ‘hierarchy of subjects’ worthy to be represented will...
Search, mobile and social networks empowered the consumer to make choices, to ask online for recommendations, to check on ratings and reviews and videos. This completely changed the consumer journey...
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