Customer-Driven Marketing Strategies

What are the key components of a customer-driven marketing strategy and how can marketers use it to give their firm a competitive advantage?

Beattie, (2016) clearly stated that “a marketing strategy is a business’s overall game plan for reaching people and turning them into customers of the product or service that the business provides.” From the definition, it can be seen that the strategies one may decide to use have to be based on the product and the people as well, for this reason, a customer-driven marketing strategy will have several key components. According to Annaberney (2017), “Segmentation of the market involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require

From conducting research it is only obvious that you will receive feedback from customers as to areas which require improvement and should be paid attention to more attentively. Examples of improvements that can be made for example is reliable service, speedy delivery, a variety of products among others; this will build loyalty from customers and will definitely lead to repeat sales as well as referral business. There are many incentives that can be given to customers that ensure there are satisfied and it doesn’t take a lot of the business. A typical example is flying miles given for frequent travelers, this will encourage travelers to always travel with a specific airline. While another strategy which marketers use and will not cost the business much is offering discounts for frequent buyers, it makes the customers feel appreciated. Using customer feedback to make changes or development will meet customer needs and guarantee future business. It is wise to make any necessary amendments and use a marketing strategy to get that will suit the specific targeted market by doing this, marketers show customers that they are concentrated on serving them and it is their main objective. Gaining referrals should be part of your customer-driven marketing strategy, this is when present customers share

This strategy essentially gives firms an advantage as the customers form the basis of the firm’s profitability. Matey, (2016) stated that a customer-driven marketing strategy focuses on meeting the needs of the customers and examines how the products or services can meet those needs. The six important components as mentioned throughout this essay which are: repeat buyers, higher prices, loyalty in crisis, word of mouth, one-stop shopping and new product innovation (appendix 1) all contribute to providing profits, corporate performance, and growth allowing a firm to obtain a competitive advantage over another. While all the factors highlighted in appendix 1 are needed the most important which marketers are highly concerned with is customer satisfaction; this firstly provides the foundation to all the supporting components. While targeting different sectors of the market through marketing research will create value it will also enhance the product and make it more marketable. The imperative factor through all of this is ensuring that whoever the segmented market is, these customers are pleased and only then the company will have a competitive