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The customer is always right-handed: Customer satisfaction, customer sophistication and market granularity Lecture 2 A route-map for marketled strategic change Part I Customer value imperatives Part II Developing a value-based marketing strategy The strategic pathway Market sensing and learning strategy The Customer is always right-handed New marketing meets old marketing Value-based marketing strategy Strategic thinking and thinking strategically Strategic market choices and targets Customer value strategy and positioning Strategic relationships and networks Part III Processes for managing strategic transformation Change strategy Strategic gaps Organization and processes for change Implementation process and internal marketing Agenda • The customer conundrum • The sophisticated customer • Market shifts and quakes – consumer market changes – market granularity – re-shaped business-to-business markets • How can marketing processes respond to these changes? The customer conundrum • Customer service is bad all over • Customer satisfaction and customer loyalty – satisfaction and loyalty are not the same • The real customer problem – do we know what service to maximise? – can we deliver what we promised? – happy customers and happy employees? • The problem is strategy Customer satisfaction versus customer loyalty Customer loyalty High High Low Happy Satisfied stayers wanderers Customer satisfaction Hostages Low Dealers Customer expectations and outcomes The service and quality we promise High Good The service and quality the customer receives Bad Low I am in LOVE – I OK. You get what didn’t know you pay for. you were this good! OK. I HATE you It’s bad, bastards – but it’s what you lied to me! I expected. Service and quality versus customer satisfaction Impact of service and quality on customer satisfaction/retention High High Service and quality level Low Low Smart Overservicers servicers UnderNonservicers servicers Customer satisfaction and the internal market External customer satisfaction High High Internal customer satisfaction Low Synergy “happy” customers and “happy” employees Low Internal euphoria “Never mind the customer, what about the squash ladder?” Coercion Alienation “you WILL be committed to customers, or else… “unhappy” customers and “unhappy” employees The sophisticated customer Issue – customers and markets have changed: – Customers wised up to marketing – Know what marketers are up to – Traditional marketing consistently underestimates intelligence of customer Many customer demands which we need to respond to: The sophisticated customer • • • • • Who are you calling fickle – I just changed my mind? Value is what we say it is By the way, “free” is one of my favourite prices Loyalty is for sellers not buyers Quality or cheap? Both please The sophisticated customer • • • • • • Let’s play the waiting game and see what happens Make life simpler But not too simple But, I don’t like change Make it specially for me Instant gratification is just not fast enough The sophisticated customer • • • • • But don’t make me angry And now entertain me And now peel me a grape Make all the bad stuff in the world go away There will be no secrets any more Market shifts and quakes – Consumer markets • • • • • • The typical family The MySpace Generation Saga Louts The pink market The wealthy The poor Market shifts and quakes – Consumer markets • • • • Ethnic markets The green and ethical consumer The Neo-Cromwellians Scared consumers Market shifts and quakes – Market granularity • Shift in focus from “megatrends” to “microtrends” • Broad market trends average out important differences • The issue shifts from huge cultural shifts to new “identity groups” Market shifts and quakes – Reshaped business-to-business markets • Dominant customers • Impact of customer power • Bad customers – who play the rules – who break the rules – who make the rules How can marketing processes respond? • Radical and disruptive changes in market structures have left traditional marketing behind • The urgent challenge is to update how we “do” marketing to reflect how customers and markets have changed