Many new and most global brands operate below their market potential. One reason is that many customers have not yet entered the product markets. Even if they have, they may not be aware of the brand or use it due to many reasons. Companies can successfully achieve their market potential by helping customers to enter […]
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Consumers use many product categories on a continuous basis. These include beauty, grocery, health and baby care, automotive parts, electronics, industrial supplies, lawn and garden, pet supplies, office supplies and sports and toys. Today websites such as Amazon.com offer customers the option of “One-Time Purchase” versus “Subscribe-And-Save” plans. According to Amazon.com, more than 51% of
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With more and more people shopping online, many have been predicting the demise of distributors and wholesalers. It was believed that manufacturers could bypass channel intermediaries such as distributors, wholesalers, and retailers by “selling directly” to customers. Theoretically, if customers could bypass distributors and retailers and buy direct from manufacturers it would lower costs, make
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Capturing the voice of the customer (VOC) entails listening to customers to develop an understanding of their needs and value drivers. Without capturing their customer’s voice, companies risk alienating them, lowering customer satisfaction, and slowing financial growth. Undoubtedly, the first and most critical step in value creation for customers is to gather their voices. Capturing
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Customer satisfaction is the extent to which a company can meet or exceed the most important needs of the largest proportion of its customers. How does customer satisfaction benefit a company? A 2023 paper published in Marketing Letters synthesized 245 articles representing a combined sample size of 1,160,982. The results show a positive association of
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Product positioning is a systematic process to ensure that the benefits associated with the company’s offering meet the target customers’ most important needs in a way that (1) satisfies customers and (2) increases sales and profits for the company. The benefits not only include product attributes but also brand reputation, pricing, distribution, communication, and customer
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Marketing metrics help a company measure its marketing performance. CMOs, marketing executives, brand managers and product managers can use marketing metrics to assess and demonstrate marketing’s contribution to a company’s sales and profitability [1]. As seen in Figure 1, a marketing metrics dashboard helps executives develop marketing strategies and relate them to marketing and company
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Customers who are Extremely/Very Satisfied with a company have an important impact on company profitability (1). A summary of 40 years of research representing more than 1 million customers concluded that customer satisfaction predicts company profits (2). Extremely/Very Satisfied customers account for a disproportionately large portion of a company’s profits. To grow profits, companies should
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