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The Future of Marketing. Dipak Jain Kellogg School of Management Northwestern University. 1. What Challenges?. “Nano-second” Culture. 1. What Challenges?. “Nano-second” Culture “Hyper” Competition. 1. What Challenges?. “Nano-second” Culture “Hyper” Competition Demanding Customers.
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The Future of Marketing Dipak Jain Kellogg School of Management Northwestern University
1. What Challenges? • “Nano-second” Culture
1. What Challenges? • “Nano-second” Culture • “Hyper” Competition
1. What Challenges? • “Nano-second” Culture • “Hyper” Competition • Demanding Customers
2. Meeting the Challenges: A Customer-Centric Approach • Doing business the way the customer wants to do it
2. Meeting the Challenges: A Customer-Centric Approach • Doing business the way the customer wants to do it • Being close to customers and ahead of competition
2. Meeting the Challenges: A Customer-Centric Approach • Doing business the way the customer wants to do it • Being close to customers and ahead of competition • Developing capabilities in attracting and retaining valuable customers
3. Customer Centricity:Major Shifts in Thinking RealizeMarketing is: Product/ Service Total Customer Experience
3. Customer Centricity:Major Shifts in Thinking RealizeMarketing is: Product/ Service Total Customer Experience FocusOn: Product Life Cycle Customer Life Cycle
3. Customer Centricity:Major Shifts in Thinking RealizeMarketing is: Product/ Service Total Customer Experience FocusOn: Product Life Cycle Customer Life Cycle AnticipateCustomer’s: Articulated Needs UnarticulatedNeeds
3A. Customer Life-Cycle • Customer Well-Being (Health care and Wealth care)
3A. Customer Life-Cycle • Customer Well-Being (Health care and Wealth care) • Media and Entertainment (Customer Engagement)
3A. Customer Life-Cycle • Customer Well-Being (Health care and Wealth care) • Media and Entertainment (Customer Engagement) • Hospitality Services (Tourism-Travel & Hotels, Restaurants)
3B. Unarticulated Customer Needs CUSTOMER NEEDS EXISTING (Current, Articulated) LATENT (Future, Unarticulated) Objective: Serve Current Markets Create New markets Critical Issues: Customer Expectations Customer Education/Trials
3C. Total Customer Experience: Value Disciplines PSYCHOLOGICAL FUNCTIONAL ECONOMIC
customer cost of switching customer cost of thinking 3C. Sustaining Customer Value Maximize Customer Value = • Reduce customer cost of thinking • Increase customer cost of switching
4. Branding For Customers there should be a “clear” message • FedEx “Reliability” • Nike “The athlete in you” • Gap “Affordable fashion” • Singapore Airlines “Warm genuine attention & friendliness” • Star Alliance “Global Access” NUS “ “ Singapore “ “
Branding: The Kellogg School • Why the Kellogg School? L earning
Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities
Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities V alues
Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities V alues E thics
Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities V alues E thics Feel the LOVE@Kellogg
5. Summary Customer Centricity requires: • Anticipating customers unarticulated needs • Enhancing customers’ total experience • Simplifying customer purchasing process • Building customer loyalty • Realizing customers (internal & external) as true assets