Rethinking Marketing.docx

Rethinking Marketing.docx

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RethinkingMarketing

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Becausecompaniescannowinteractdirectlywithcustomers,theymustradicallyreorganizetoputcultivatingrelationshipsaheadofbuildingbrands.

Imagineabrandmanagersittinginhisofficedevelopingamarketingstrategyforhiscompany'snewsportsdrink.Heidentifieswhichbroadmarketsegmentstotarget,setspricesandpromotions,andplansmassmediacommunications.Thebrand'sperformancewillbemeasuredbyaggregatesalesandprofitability,andhispayandfutureprospectswillhingeonthosenumbers.

What'swrongwiththispicture?

Thisfirm--liketoomany--isstillmanagedasifitwerestuckinthe1960s,aneraofmassmarkets,massmedia,andimpersonaltransactions.Yetneverbeforehavecompanieshadsuchpowerfultechnologiesforinteractingdirectlywithcustomers,collectingandmininginformationaboutthem,andtailoringtheirofferingsaccordingly.Andneverbeforehavecustomersexpectedtointeractsodeeplywithcompanies,andeachother,toshapetheproductsandservicestheyuse.Tobesure,mostcompaniesusecustomerrelationshipmanagementandothertechnologiestogetahandleoncustomers,butnoamountoftechnologycanreallyimprovethesituationaslongascompaniesaresetuptomarketproductsratherthancultivatecustomers.Tocompeteinthisaggressivelyinteractiveenvironment,companiesmustshifttheirfocusfromdrivingtransactionstomaximizingcustomerlifetimevalue.Thatmeansmakingproductsandbrandssubservienttolong-termcustomerrelationships.Andthatmeanschangingstrategyandstructureacrosstheorganization--andreinventingthemarketingdepartmentaltogether.

CultivatingCustomers 

Notlongago,companieslookingtogetamessageouttoalargepopulationhadonlyonerealoption:

blanketahugeswathofcustomerssimultaneously,mostlyusingone-waymasscommunication.Informationaboutcustomersconsistedprimarilyofaggregatesalesstatisticsaugmentedbymarketingresearchdata.Therewaslittle,ifany,directcommunicationbetweenindividualcustomersandthefirm.Today,companieshaveahostofoptionsattheirdisposal,makingsuchmassmarketingfartoocrude.

Theexhibit"BuildingRelationships"showswheremanycompaniesareheaded,andallmustinevitablygoiftheyhopetoremaincompetitive.Thekeydistinctionbetweenatraditionalandacustomer-cultivatingcompanyisthatoneisorganizedtopushproductsandbrandswhereastheotherisdesignedtoservecustomersandcustomersegments.Inthelatter,communicationistwo-wayandindividualized,oratleasttightlytargetedatthinlyslicedsegments.Thisstrategymaybemorechallengingforfirmswhosedistributionchannelsownorcontrolcustomerinformation--asisthecaseformanypackaged-goodscompanies.Butmoreandmorefirmsnowhaveaccesstotherichdatatheyneedtomakeacustomer-cultivatingstrategywork.

B2Bcompanies,forinstance,usekeyaccountmanagersandglobalaccountdirectorstofocusonmeetingcustomers'evolvingneeds,ratherthansellingspecificproducts.IBMorganizesaccordingtocustomerneeds,suchasenergyefficiencyorserverconsolidation,andcoordinatesitsmarketingeffortsacrossproductsforaparticularcustomer.IBM'sInsuranceProcessAccelerationFrameworkisoneexampleofthisservice-orientedarchitecture.CustomerandindustryspecialistsinIBM'sinsurancepracticeworkwithleadcustomerstobuildfastandflexibleprocessesinareaslikeclaims,newbusinessprocessing,andunderwriting.Insteadoffocusingonshort-termproductsales,IBMmeasuresthepractice'sperformanceaccordingtolong-termcustomermetrics.

LargeB2Bfirmsareoftenadvancedintheircustomerorientation,andsomeB2Ccompaniesaremakingnotableprogress.Increasingly,theyviewtheircustomerrelationshipsasevolvingovertime,andtheymayhandoffcustomerstodifferentpartsoftheorganizationsellingdifferentbrandsastheirneedschange.Forinstance,Tesco,aleadingUKretailer,hasrecentlymadesignificantinvestmentsinanalyticsthathaveimprovedcustomerretention.Tescousesitsdata-collectingloyaltycard（theClubcard）totrackwhichstorescustomersvisit,whattheybuy,andhowtheypay.ThisinformationhashelpedTescotailormerchandisetolocaltastesandcustomizeofferingsattheindividuallevelacrossavarietyofstoreformats--fromsprawlinghypermartstoneighborhoodshops.ShopperswhobuydiapersforthefirsttimeataTescostore,forexample,receivecouponsbymailnotonlyforbabywipesandtoysbutalsoforbeer,accordingtoaWallStreetJournalreport.Dataanalysisrevealedthatnewfatherstendtobuymorebeerbecausetheycan'tspendasmuchtimeatthepub.

Ontheservicesside,AmericanExpressactivelymonitorscustomers'behaviorandrespondstochangesbyofferingdifferentproducts.Thefirmusesconsumerdataanalysisandalgorithmstodeterminecustomers'"nextbestproduct"accordingtotheirchangingprofilesandtomanageriskacrosscardholders.Forexample,thefirstpurchaseofaupper-classairlineticketonaGoldCardmaytriggeraninvitationtoupgradetoaPlatinumCard.Or,becauseofchangingcircumstancesacardholdermaywanttogiveanadditionalcardwithaspecifiedspendinglimittoachildoracontractor.Byofferingthisservice,AmericanExpressextendsexistingcustomers'spendingabilitytoatrustedcircleoffamilymembersorpartnerswhileintroducingthebrandtopotentialnewcustomers.

AmericanExpressalsoleveragesitsstrategicpositionbetweencustomersandmerchantstocreatelong-termvalueacrossbothrelationships.Forinstance,thecompanymightusedemographicdata,customerpurchasepatterns,andcreditinformationtoobservethatacardholderhasmovedintoanewhome.AmExcapitalizesonthatlifeeventbyofferingspecialMembershipRewardsonpurchasesfrommerchantsinitsnetworkinthehome-furnishingsretailcategory.

Oneinsuranceandfinancialservicescompanyweknowofalsoprovedadeptattailoringproductstocustomers'lifeevents.Customerswholoseaspouse,forexample,areflaggedforspecialattentionfromateamthatoffersthemcustomizedproducts.Whenacheckingaccountorcredit-cardcustomergetsmarried,she'sagoodcross-sellingprospectforanautoorhomeinsurancepolicyandamortgage.Likewise,thefirmtargetsnewemptynesterswithhomeequityloansorinvestmentproductsandoffersrenter'sinsurancetograduatingseniors.

ReinventingMarketing 

Theseshiningexamplesaside,boardsandC-suitesstillmostlypaylipservicetocustomerrelationshipswhilefocusingintentlyonsellinggoodsandservices.Directorsandmanagementneedtospearheadthestrategyshiftfromtransactionstorelationshipsandcreatetheculture,structure,andincentivesnecessarytoexecutethestrategy.

Whatdoesacustomer-cultivatingorganizationlooklike?

Althoughnocompanyhasafullyrealizedcustomer-focusedstructure,wecanseethefeaturesofoneinavarietyofcompaniesmakingthetransition.Themostdramaticchangewillbethemarketingdepartment'sreinventionasa"customerdepartment."ThefirstorderofbusinessistoreplacethetraditionalCMOwithanewtypeofleader--achiefcustomerofficer.

TheCCO.Chiefcustomerofficersareincreasinglycommonincompaniesworldwide--therearemorethan300today,upfrom30in2003.CompaniesasdiverseasChrysler,Hershey's,Oracle,Samsung,Sears,UnitedAirlines,SunMicrosystems,andWachovianowhaveCCOs.ButtoooftentheCCOismerelytryingtomakeaconventionalorganizationmorecustomer-centric.Ingeneral,it'sapoorlydefinedrole--whichmayaccountforCCOs'dubiousdistinctionashavingtheshortesttenureofallC-suiteexecutives.

Tobeeffective,theCCOroleasweconceiveitmustbeapowerfuloperationalposition,reportingtotheCEO.Thisexecutiveisresponsiblefordesigningandexecutingthefirm'scustomerrelationshipstrategyandoverseeingallcustomer-facingfunctions.

AsuccessfulCCOpromotesacustomer-centriccultureandremovesobstaclestotheflowofcustomerinformationthroughouttheorganization.Thisincludesgettingleaderstoregularlyengagewithcustomers.AtUSAA,topmanagersspendtwoorthreehoursaweekonthecall-centerphoneswithcustomers.Thisnotonlyshowsemployeeshowseriousmanagementisaboutcustomerinteractionbuthelpsmanagersunderstandcustomers'concerns.Likewise,TescomanagersspendoneweekayearworkinginstoresandinteractingwithcustomersaspartoftheTescoWeekinStore（TWIST）program.

Asmanagersshifttheirfocustocustomers,andcustomerinformationincreasinglydrivesdecisions,organizationalstructuresthatblockinformationflowmustbetorndown.Therealityisthatdespitelargeinvestmentsinacquiringcustomerdata,mostfirmsunderutilizewhattheyknow.Informationistightlyheld,oftenbecauseofalackoftrust,competitionforpromotionsorresources,andthesilomentality.TheCCOmustcreateincentivesthateliminatethesecounterproductivemind-sets.

Ultimately,theCCOisaccountableforincreasingtheprofitabilityofthefirm'scustomers,asmeasuredbymetricssuchascustomerlifetimevalue（CLV）andcustomerequityaswellasbyintermediateindicators,suchaswordofmouth（ormouse）.

Customermanagers.Inthenewcustomerdepartment,customerandsegmentmanagersidentifycustomers'productneeds.Brandmanagers,underthecustomermanagers'direction,thensupplytheproductsthatfulfillthoseneeds.Thisrequiresshiftingresources--principallypeopleandbudgets--andauthorityfromproductmanagerstocustomermanagers.（Seethesidebar"WhatMakesaCustomerManager?

"）ThisstructureiscommonintheB2Bworld.InitsB2Bactivitie