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Develop Strong Marketing Strategies

November 27th, 2006

 

Marketing executives need to define “moments of truth” to enhance the business lifecycle, according to a leading industry expert.

 

“How a marketer interacts with the customers can significantly increase (or decrease) the long-term viability of that relationship. Identifying and anticipating those points of clarify is critical to maintain and grow a profitable customer relationship,” states Joseph Fiochetta, director of strategy for marketing firm Hatre-Hanks.

 

An essential way to maximize on these “moments of truth”, according to Fiochetta, is to develop a plan to keep existing customers satisfied and onboard with your corporation’s success:

 

Bullet Arrow All communications should generate a measurable response so that management may tell what worked and what did not.
Bullet Arrow Customer-centric communications must be frequent and consistent, targeted, timed, and delivered in a manner that is most appropriate for the individual customer. Tracking preferences and behavior is essential.
Bullet Arrow
Communications should be focused on increasing “stickiness” –the ability to keep a consumer coming back for more.

 

Fiochetta also recommends a number of best practices in developing new customer communications:

 

Bullet Arrow The first 90 days are critical – there can be as much as a 15 percent to 20 percent “take rate” of additional products and services during this initial period.
Bullet Arrow The sooner one can engage a customer, the better.
Bullet Arrow
Personalization works.
Bullet Arrow Using multiple touch points across a variety of media are preferred by customers
Bullet Arrow Surveying and data gathering are critical components for gaining customer insight, such as customer interaction, revenue, retention, and usage.
Bullet Arrow The velocity of customer communications and engagement should increase during “moments of truth.”
  Consultative selling is a key part of any customer program and can help avoid negative “moments of truth.”
  A product-centric focus is not the key driver in new customer retention. Customer-centric programs that address the lifecycle of the customer through vulnerable periods are more profitable.

 

 

 

 

 

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