As a business owner, you know how important it is to understand your customers and their needs. The more you know about them, the better you can tailor your products or services to meet their expectations. In today's hyper-communicated society, it is essential to communicate with your customers through different channels. This is where a personalized user profile comes in. By integrating different sources such as Google Ads, social media, email marketing, website/landing page, and display/video into a CRM platform, you can create a comprehensive view of your customer base. This way, you can develop an omnichannel strategy and design a value proposition that resonates with your target audience.
Michael Etzel Stanton, a marketing expert, suggests that there are four factors to consider when defining the mix for your value proposition:
Target Market: Understanding your customers' willingness to buy, geographic spread, type of customer, and market concentration is essential to develop a value proposition that resonates with them.
Nature of the Product: Different products have different levels of customization, pre-sales, and customer service requirements. It is important to consider these factors when designing your value proposition.
Product Stage: Knowing the novelty, awareness, competition, and product life cycle stage is crucial in determining the right mix for your value proposition.
Funds Available: You need to consider the amount of money you have available to develop your value proposition. You can use arbitrary figures, a percentage of sales, competitive parity, targets, and tasks to determine how much you can allocate to your marketing budget.
Once you have defined your value proposition, you need to decide which strategy to use: push or pull. A push strategy involves promoting your products or services through channels that "push" them to the end-user. This is often used in industrial markets where products are undifferentiated, and price is the only variable. On the other hand, a pull strategy focuses on the end-user and encourages them to ask for the product from the channel. This is done through advertising and promotions aimed at the end-user.
In today's digital age, asynchronous selling is becoming more prevalent. This is the use of technology to sell products through different channels without human interaction. This method has been widely used since the pandemic forced many businesses to digitize their processes. To make asynchronous selling successful, you need an up-to-date database with different attributes to create groups based on specific criteria. These groups can be segmented based on historical purchasing behavior, future purchasing capacity, and characteristics or activities registered on a technological platform.
One of the most critical metrics in asynchronous sales campaigns is the conversion rate. This is the percentage of customers who responded positively to the campaign proposal. The response rate depends on the correct classification of the database and sending communication that is appropriate for each person's profile. One method widely used is RFM:
Purchase Latency: The time elapsed since the customer's last purchase.
Frequency of Purchase: The average number of purchases made since the start.
Monetary Value: The average monetary value of purchases.
By using RFM, you can segment your database and send personalized communication to each group. This will increase the chances of conversion and help you grow your business.
In conclusion, understanding your customers and their needs is essential to grow your business. By integrating different sources of data into a CRM platform, you can create a personalized user profile that will help you design a value proposition that resonates with your target audience. Remember to consider the different strategies available, such as push and pull, and use asynchronous selling to reach more customers. By using RFM to segment your database, you can send personalized communication to each group, increasing your chances of conversion.
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