Seth Godin, the author of ‘this is marketing’ said: Show “Don’t find customers for your product, find a product for your customer” — Seth Godin A good company does not start with a product, but rather a problem. They find a problem that people are facing and build a product that solves it. When the product is ready, they already have a whole consumer base ready to give it a try. “It takes months to find a customer and seconds to lose one.” — Vince Lombardi To build a successful product, a company must connect with its consumers beyond attributes like features or price. A satisfied consumer is more likely to promote your brand and hesitant in jumping ship. Even if they do, they’re very likely to return. However, to create a loyal customer, there are certain things that your brand must do. Conduct Competitor and Customer ResearchHave you ever heard the phrase, “keep your friends close and your enemies closer?”. This phrase is at the center of every great marketing strategy. To develop a great marketing strategy, it’s important to research both your customers and competitors. Customer ResearchIn the introduction stage, marketing is based on customer behavior, and in the growth stage, marketing is based on data from customer experiences. For an effective marketing strategy, combine quantitative data and qualitative data related to the customer experience. Qualitative research can be used to obtain facts regarding the user’s experience with your website, brand, or product features. Qualitative research gives you the why behind the what. For example, quantitative research data tells you whether a user will recommend you, whereas qualitative research data tells you why they would or wouldn’t. You can conduct qualitative research via:
The next step is to fine-tune the user personas that you created in the introduction stage and make data-driven UX. Competitor ResearchCompetitor research is central to all marketing strategies. ‘Keeping up with the competitor helps you stay ahead of the game and you’re not caught by surprise. “The presence of competitors both dictates and limits what can easily be tried—such as, for example, testing what is the best price level or the best channel of distribution.” The best way to conduct competitor research is by carrying out a competitor analysis. Here’s how to conduct a competitor analysis:
Create a Compelling Value PropositionA value proposition is a statement that states why a customer should choose your product or service. An effective value proposition is clear and relevant to your target consumer’s problem or experience. The idea of a value proposition is to work as a differentiation tool. According to Harvard Business School, (3) you need to answer three questions to define a value proposition:
A compelling value proposition can include anything, but it typically includes:
A good value proposition is
Steps to Create a Unique Value Proposition (UVP)Creating a compelling UVP requires brainstorming and experimentation. You need to come up with options, test each of them, and find the best one. Here’s how you can create a unique value proposition in seven simple steps:
Testing the Unique Value Proposition (UVP)Once you have found a UVP, the next step is to test it. You can test your UVPs via:
Tailor Your Marketing Experience to the UserCase studies have shown that the fastest route to growth is through customer happiness. Big companies like Slack and Dropbox have used this approach time and again to grow into what they are today. For example,
Use Social Media to Stay Close to the CustomerSocial media is an excellent tool that brands can use to stay close to their customers. There are two ways you can use social media to break down the barriers between your company and your customers. Social Media Customer ServiceOver the last few years, people have been actively using social media to voice their opinions. When a customer says something about your brand, they generally expect a response within a day. Meeting this expectation has been shown to increase brand loyalty. Statistics show that 59% of the brands reply to user Tweets within 15 minutes. For a competitive advantage, use a social listening service to monitor your brand’s mentions and overall sentiment so that you can respond accordingly. Build CommunityBuilding a community on social networking sites is another great way for brands to interact with their customers online. This community can be:
Research shows that building a community can increase brand trust. Not only do companies gain invaluable insights from their customers, but they also feel valued. To understand the interests and problems of your customers, conduct a survey and ask questions to understand what they want. Personalize the Customer ExperienceNot every company has Netflix’s personalization algorithm, but there are multiple ways that you can deliver a tailored experience to your customers. Start by using personalization to show the customer that you know them. Leverage the data you’ve attained over time to send tailored offers, remind them of their progress, deliver special discounts, celebrate special occasions, and show location-based content. Currently, many companies offer a personalized customer experience including:
Reaching out to your consumers with creatively tailored content is becoming unavoidable. Various software can help you personalize the customer experience like:
You can use any software from the list to personalize your customer experience. Here's how you can do it in three easy steps: Step 1: Choose the Right Variables Step 2: Configure Rules to Create Segmented Content Step 3: Launch the Personalized Content Use Incentives to Drive Customer LoyaltyIncentives, much like personalization, are a way to show customers that you care. Personalized content promotes customer satisfaction, incentives motivate repetition and advocacy. You can use gamification to optimize customer retention and promote advocacy. What are the features of growth stage of product life cycle?Growth. In the growth stage, consumers start to take action. They buy the product; the product becomes popular and results in increased sales. There are other companies also that notice the product as it starts getting more attention and revenue.
What is a characteristic of growth phase of product lifecycle quizlet?During the growth stage of the product life cycle both sales and profits peak and begin to decline due to the growing numbers of competitors. During the introduction stage of the product life cycle, profits are negative or low because of low sales and heavy distribution and promotion expenses.
Which of the following is a stage of product life cycle?There are four stages in a product's life cycle—introduction, growth, maturity, and decline.
What products are in the growth stage?The growth phase is the next step in a product's evolution when the concept is already proven and customers are lining up to buy the product in increasing numbers. The Instant Pot electric pressure cooker provides an excellent example of that stage.
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Which of the following is a feature of the growth stage of a product life cycle?
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