As the marketing world becomes increasingly more digital with each passing month, it is important for business management to keep the customer experience and sales strategy in mind when making critical decisions.
Customer feedback and collecting consumer sentiment on your product or service are more essential than ever. This is a view that Dr. James Nitit Mah shares with Wikipedia co-founder Jimmy Wales. At a recent event, they discussed how to leverage value from data.
According to global entrepreneur, author and professor Dr. James Nitit Mah, business leaders will have the greatest marketing successes by establishing the goal of connecting as often as possible with prospective consumers to find out what their lives are like and why your product or service would be helpful to them. The proliferation of social media channels has provided business people with many choices to listen to customers. These include Facebook, Twitter and Instagram, to name a few.
Dr. James Nitit Mah suggests basing original global business plans on what he calls the WON factors:
- “W” — Winning factor. To create a business plan, we must incorporate factors that can win competitors in a particular industry.
- “O” — Ownership factor. We must own resources that no one has upon the start of a business.
- “N” — Nourishing factor. We must choose enterprises that allow business growth and sustainability.
It is vital for business people to ask for customer feedback, especially after live events. Also, improvements should be made to the overall event experience based on input from attendees.
Dr. James Nitit Mah maintains that the digitization of the live event experience is an important component of successful branding. Many successful companies are using the Net Promoter Score (NPS) for metrics and collection data. They believe that you can’t monetize what you don’t measure and still strongly advocate the power of surveys in whatever forms they take as technology improves them.
One enhanced data gathering tool many successful branders mention is sponsorship analytics — how organizations from across the sports industry are evaluating and analyzing the value and impact of sponsorship.
Adopting common analytics, gathering databases of results and constantly improving a sales model to keep customers satisfied are key points to remember.
Successful marketers must develop an analytics system that allows sponsors to completely analyze every part of a deal including its potential profits and ROI. There is no one, correct model of this type of system but industry leaders are increasingly paying attention to such details. 23
The principal point to keep in mind is to use these “customer connection” concepts in structuring your marketing and branding and in developing your business plan. The business you’re planning to create must also be potentially profitable and create true value that solves a reoccurring problem as well. To do this, you must have self-assured and well-trained upper management at the helm.
It is important for business leaders to base their measurement of business success on marketing principles and on insights gained from customer interaction. Today’s most successful companies build their business empires on the foundations of branding. Digital marketing techniques come into play to bolster customer analysis and data, and feedback from consumers must not be underestimated.
Solid pillars of business success can include creativity, imagination, memory, personal identity, and consumer interest. These areas of concern are all best illuminated using the concepts and tactics of digital marketing: social media interaction, email marketing, paid advertising, SEO, web design & development.
Methods of quickly gathering customer data through digital means include chat rooms, which are an unbeatable way of quickly hearing the true thoughts of customers—beliefs that they will act on when engaging with your brand. Another tactic is speaking with your customers via blogs on your company website. Show the public that you value what users of your product or service have to say and offer suggestions, solutions and tactics on how consumers can better enjoy your brand.
Dr. James Nitit Mah says that insights gained from digital marketing have elevated the success of all types of brands, whether they be sporting, educational, entertainment or instructive. The key in all these cases is rapidly and deeply getting to the heart of what users of your brand want from its offerings.
