Chapter 7 customer value – driven marketing strategy creating value for target customers

HỒ CHÍ MINH CHAPTER 7 CUSTOMER VALUE – DRIVEN MARKETING STRATEGY CREATING VALUE FOR TARGET CUSTOMERS BÙI NHƯ PHÚ PHẠM QUANG TRỌNG BÙI LÂM TUẤN DUY TRẦN MINH HIẾU... HỒ CHÍ MINH CHAPTER 7

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ - TÀI CHÍNH TP HỒ CHÍ MINH

CHAPTER 7 CUSTOMER VALUE – DRIVEN MARKETING

STRATEGY CREATING VALUE FOR TARGET CUSTOMERS

BÙI NHƯ PHÚ PHẠM QUANG TRỌNG BÙI LÂM TUẤN DUY TRẦN MINH HIẾU

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ - TÀI CHÍNH TP HỒ CHÍ MINH

CHAPTER 7 CUSTOMER VALUE – DRIVEN MARKETING

STRATEGY CREATING VALUE FOR TARGET CUSTOMERS

MEMBERS: PHẠM KHÁNH DUY

BÙI NHƯ PHÚ PHẠM QUANG TRỌNG BÙI LÂM TUẤN DUY TRẦN MINH HIẾU

GVHD: ThS Vương Hoàng Vũ

KHÓA 2022 TP.Hồ Chí Minh, <2024>

MỤC LỤC

1/DEFINITION 4

WHAT IS A CUSTOMER – DRIVEN MARKETING STRATEGY? 4

2/ROLES 4

HIGHER CUSTOMER LIFETIME VALUE ( CLTV ) 4

INCREASE YOUR CUSTOMER BASE 4

BOOST CUSTOMER LOYALTY 4

3/DESIGN A CUSTOMER VALUE-DRIVEN MARKETING STRATEGY 5

4/ MARKET SEGMENTATION 6

DEFINITION 6

5/ EXPLAIN HOW COMPANIES IDENTIFY ATTRACTIVE MARKET SEGMENTS AND CHOOSE A MARKET – TARGETING STRATEGY 7

HOW MANY AND WHICH SEGMENTS IT CAN SERVE BEST? 7

DIFFERENTIATED MARKETING 8

CONCENTRATED MARKETING 8

MICROMARKETING ( LOCAL OR INDIVIDUAL MARKETING ) 8

CHOOSING A TARGETING STRATEGY 8

SOCIALLY RESPONSIBLE TARGETING MARKETING 9

6/ DISCUSS HOW COMPANIES DIFFERENTIATE AND POSITION THEIR PRODUCTS FOR MAXIMUM COMPETITIVE ADVANTAGE 9

A/PRODUCT DIFFERENTIATION 9

B/ BRAND DIFFERENTIATION 10

C/ PRICE DIFFERENTIATION 10

D/ SERVICE DIFFERENTIATION 10

E/ CHANNEL DIFFERENTIATION 11

F/ POSITIONING STRATEGIES 11

G/ COMMUNICATION STRATEGIES 11

WHAT IS A CUSTOMER – DRIVEN MARKETING STRATEGY?

- A customer-driven marketing strategy is one that focuses on building customer loyalty by addressing their needs in every aspect of their buying journey

- It’s a strategy that focuses on targeting a specific set of customers, retaining them by meeting their needs, and using metrics to measure their satisfaction

2/ROLES

HIGHER CUSTOMER LIFETIME VALUE ( CLTV )

-Identifying consumer segmentation and implementing customer-specific programs are part of customer-based marketing A distinct value proposition to the appropriate consumers It keeps clients for life

INCREASE YOUR CUSTOMER BASE

-A value-driven marketing strategy helps provide clients with the value they want If you impress your consumers right away, you get referrals and word-of-mouth virality

BOOST CUSTOMER LOYALTY

-60 percent of committed customers will buy more from their favorite brands You may link all consumer data and use it to make the customer experience more dynamic and fun Enjoyable experiences increase income and brand loyalty

- In addition, customers who feel listened to are likely to share more information with you for free—like testimonials and reviews that can help build your company’s credibility These strategies are focused on building customer relationships that last a lifetime, which is the key to long-term success in business

3/DESIGN A CUSTOMER VALUE-DRIVEN

MARKETING STRATEGY

- 4 major steps in designing a customer value–driven marketing strategy In the first two steps, the company selects the customers that

it will serve

- Market segmentation involves dividing a market into distinct groups

of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes The company identifies different ways to segment the market and develops profiles of the resulting market segments

- Market targeting (or targeting) consists of evaluating each market segment’s attractiveness and selecting one or more market segments to enter In the final two steps, the company decides on a value

proposition how it will create value for target customers

- Differentiation involves actually differentiating the firm’s market offering to create superior customer value Positioning consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

4/ MARKET SEGMENTATION

DEFINITION

- Market segmentation is an important strategy that helps businesses target specific customer groups Below are five main bases for segmenting consumer and business markets:

+ Geography: Divide the market based on geographical location such as country, region, city, or climate zone

+ Demographics: Classify customers by age, gender, income, education level, occupation, and family status

+ Psychographic: Segmentation based on customer lifestyle, personality, values, and attitudes

+ Behavioral: Categorize customers based on how they use products, loyalty levels, and purchasing habits

+ Benefits: Market segmentation based on the benefit or value that customers expect from the product or service

help businesses better understand customer needs and wants, thereby developing appropriate product and marketing strategies This not only helps strengthen relationships with current customers but also expands opportunities to reach new potential customers Market segmentation also helps businesses optimize resources and investments more effectively.

5/ EXPLAIN HOW COMPANIES IDENTIFY

ATTRACTIVE MARKET SEGMENTS AND

CHOOSE A MARKET – TARGETING STRATEGY

HOW MANY AND WHICH SEGMENTS IT CAN SERVE BEST?

- Evaluate market segments

- Select Target market segments.

+ Undifferentiated marketing ( mass marketing )

+ Differentiated marketing ( Segmented marketing )

DIFFERENTIATED MARKETING

- Designs separate offers for each target

CONCENTRATED MARKETING

- Concentrated marketing can be highly profitable At the same time,

it involves higher – than – normal risks

- Risky to rely on one or a few segments

MICROMARKETING ( LOCAL OR INDIVIDUAL MARKETING )

- Tailoring products and marketing programs to the needs and wants

of specific individuals and local customer segments

CHOOSING A TARGETING STRATEGY

- Best strategy depends on

+ The company’s resources

+ Market variability

+ Product variability

+ Product life – cycle stage

+ Competitor’s marketing strategies

SOCIALLY RESPONSIBLE TARGETING MARKETING

- Focus on the segments that the key can satisfy best and most profitably

6/ DISCUSS HOW COMPANIES DIFFERENTIATE AND POSITION THEIR PRODUCTS FOR

MAXIMUM COMPETITIVE ADVANTAGE

Companies differentiate and position their products to gain a competitive advantage by employing various strategies tailored to their target market, industry, and unique value propositions Here are some key approaches:

A/PRODUCT DIFFERENTIATION

- Quality and Performance: Offering superior quality or performance compared to competitors

- Features and Innovation: Introducing unique features or cutting-edge technology that sets the product apart

- Design and Aesthetics: Focusing on product design, packaging, and overall aesthetics to attract specific consumer segments

- Customization: Allowing customers to personalize or customize the product to their preferences

B/ BRAND DIFFERENTIATION

- Brand Identity and Image: Building a strong brand identity and image through consistent branding, marketing, and storytelling

- Emotional Connection: Creating an emotional connection with consumers through branding efforts that resonate with their values, aspirations, or lifestyle

- Reputation and Trust: Establishing a reputation for reliability, trustworthiness, or sustainability

C/ PRICE DIFFERENTIATION

- Premium Pricing: Positioning the product as a premium option, justifying a higher price point through perceived value, exclusivity,

or luxury

- Cost Leadership: Offering a similar product at a lower price, often achieved through efficient production processes or economies of scale

- Value for Money: Balancing quality and affordability to offer the best value for the price

D/ SERVICE DIFFERENTIATION

- Customer Service: Providing exceptional customer service, including support, warranties, and return policies

- Convenience: Making the product or service more convenient to purchase or use, such as through user-friendly interfaces, fast delivery, or easy accessibility

- After-Sales Support: Offering comprehensive after-sales services, such as maintenance, upgrades, or customer loyalty programs

E/ CHANNEL DIFFERENTIATION

- Exclusive Distribution: Using exclusive or selective distribution channels to create a sense of scarcity or prestige

- Multiple Channels: Leveraging multiple channels, including online and offline, to reach a broader audience

- Partnerships: Forming strategic partnerships or alliances to enhance product reach and market presence

F/ POSITIONING STRATEGIES

- Market Segmentation: Identifying and targeting specific market segments based on demographics, psychographics, geographic, or behavioral characteristics

- Unique Selling Proposition (USP): Defining a clear and compelling USP that highlights what makes the product different and better than competitors

- Competitive Positioning: Positioning the product directly against competitors, either by highlighting superior features, better value, or

a unique market niche

- Perceptual Mapping: Using perceptual maps to visualize the product’s position in the market relative to competitors, based on key attributes valued by consumers

G/ COMMUNICATION STRATEGIES

- Advertising and Promotion: Crafting effective advertising

campaigns that communicate the unique benefits and value of the product

- Content Marketing: Creating valuable content that educates, informs, or entertains the target audience, establishing thought leadership and brand authority

- Public Relations: Leveraging PR efforts to build a positive image, gain media coverage, and manage public perception

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