Companies are doing their best to retain customers because customer acquisition is a costly and lengthy process. To maximize their value and long-term results, companies are providing the best possible experiences, that will bring them back to the stores, and even calculating their customers’ lifetime value. Don Peppers and Martha Rogers describe in, Return on Customer, customer lifetime value as “the net present value of the future streams of cash flows a company expects to generate from the customer”. Therefore, customers generate value for the company by “increasing both current and future cash flows”. Peppers & Roggers believe that knowing your customers’ lifetime value can guide your company interactions with its different customers. Likewise, at Proto Partners, we know that every customer is different and that customers interact to different companies differently therefore it is essential to adapt communications to them so that you don’t miss great business opportunities.
The ability to understand lifetime customer needs allows the company to create and to market products that can increase the potential customer value. Companies must focus on future transactions and lifetime value, sometimes, at the expense of current interactions. However, most of the companies, are focused on clicks per rate and short term results, disregarding customers’ potentiality.
One challenge in the use of customer lifetime value is the lack of a client holistic view and customer integrated data. In the end, the ability to understand customers from every point of view is extremely important to realize their future buying potential. Proto Partners can help you assess all your present customer interactions, analyze the future potentialities and suggest innovative and feasible solutions to increase future lifetime value.
The most important is to highlight the potentiality of every customers and deliver “optimal experiences across the board”.
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Kaihan Krippendorff says that “Disruptive strategies begin with the courage to zag where others zig” by simply reading the herd. But what does “zagging where the others zig” really mean? It means to go out there, take a real good look at what your competition is doing right now and run away from it, into a totally different direction. By running into uncharted territory, your company will be able to serve the consumer needs that your competition disregards.
So, run away from the standard attributes which are common in your industry. Remember, it isn’t enough to look in other directions and select an alternate route just for the sake of it. To have a disruptive strategy, your company has to understand and deliver the attributes that truly matters to your consumers.
With your strategy in mind, we at Proto Partners, can help you find the consumer wants and needs that aren’t being addressed by your competitors, and provide you with creative and feasible solutions to grow your business.
Last May, Gerd Leonhard, “one of the leading media-futurists in the world”, according to The Wall Street Journal, made some predictions on how Digital Marketing will look like in 2020.
He believes that companies, in 7 years, will have a customized approach that will be immediately adapted to answer customers’ needs. Unauthorized marketing will be useless and all “decisions to buy” will come from normative influence- They love it! I love it! Therefore, companies will have to create authentic relationships and nourish their customers to produce, as Amazon already calls it, “Customer Delight”. However, creating a trustworthy relationship is more than accessing data patterns, it’s about how to build an emotional connection- and that isn’t easy.
Understanding your customers’ wishes, desires and values is the first step into this new marketing era. We believe that here, at Proto Partners, we have the tools to help your company create an authentic and lasting relationship with your customers and walk brightly into the future.
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“Make consumers’ lives better.”
This is what businesses and brands must do. Makes sense, doesn’t it? More often than not, brands fail to meet this need. A Co.Exist article discusses the need for brands today to create meaningful lives. Umair Haque, blogger from Harvard Business Review claims, “The next global economy isn’t just about stuff, it’s about human lives.” Over time, what consumers look for in a brand has drastically changed over time from what the product does to how it makes you feel to who you are. Today it is about making a better you.
The marketplace is cluttered with businesses that sell “throwaway” products in the name of consumerism and brands that are stained with negative experiences, making it difficult for anyone with a conscience to associate with. There are however, amidst it all, brands that do it right. These are the customer centric businesses that genuinely want to improve the livelihood of its customers.
“Your customers, are beginning to take a quantum leap into an era where a life meaningfully well lived is what really counts.”
In order to keep up in this era, some brands may have to undergo internal rebuilding so that fulfilling the customer’s desire for a more meaningful life is achievable. This might mean realigning your core values with your customers and creating a cultural change within your work place that focuses on your customers’ ultimate need. Keep up with the new era of change and be the brand that is far more meaningful than ever before, be the brand that makes your customers’ lives better. At Proto Partners we can help you to do this. Our goal is to “help organisations enrich the lives of customers, one customer experience at a time.” hence making a more meaningful brand.