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Tag: consumer behaviour

  • GUEST COLUMN: Why do companies need to be more consumer-centric than brand-centric?

    GUEST COLUMN: Why do companies need to be more consumer-centric than brand-centric?

    Mumbai: Experts and professionals have long debated the merits of customer-centricity versus brand-centricity. I have to say that it’s not one against the other; instead, both complement each other. With the fast-changing business landscape, the tenets of marketing and brand value have evolved equally fast. Back in the day, when outbound marketing was the primary method of outreach, it made sense to put brand-centricity at the core as the outbound efforts involved advertisements via radio, TV, and newspapers. Mainly, the brand decided what to communicate and how; there was limited two-way communication.

    But with inbound marketing taking centre stage, the marketing processes, tools, and funnels are entirely different. Digital has changed the game completely. Companies cannot afford to ignore the sheer volume of inbound traffic and how it’s suitable for the bottom line. Before making a purchase today, customers proactively do their research, which involves search engines, social media, peer-to-peer conversations, and more. This shift in customer behaviour has heralded a change in the marketing mantra from brand push to brand pull, from brand-centricity to customer-centricity. In essence, brand efforts are now a sub-set of customer-centric marketing.

    ‘Customers 2020: A Progress Report’ by Walker talks about customer experience overtaking both price and product as the key brand differentiator. This is a validation of what marketers already know. Similarly, Forrester Research has consistently highlighted how we live in the ‘Age of the Customer’, where the customer experience with the brand is paramount, and obsession with the customer is a defining change as per Exhibit one.

    360-degree Customer Approach

    To be truly customer-centric, it’s vital to have a holistic end-to-end understanding of the customer by mapping the persona, buying patterns, and using marketing automation to listen to consumer preferences and leanings. In a nutshell, deep customer intelligence and insights should become the prime focus. Marketers today are increasingly warming up to the fact that higher levels of customer understanding translate into unprecedented levels of customer engagement.

    360-degree Organisational Approach

    For any enterprise, the target customer needs to be at the heart of its marketing strategy and part of its DNA. Firstly, inculcating a customer-centric approach needs to start with the leadership. Secondly, internal restructuring needs to be aligned with the customer segments and needs. Thirdly, success and outcome need to be measured using key consumer metrics like customer satisfaction (NPS scores), order and delivery timelines, etc.

    360-degree Execution Approach

    The mantra should be to execute flawlessly and address the customer’s pain points, demands, and expectancies by analysing all available information. Take the example of a famous ketchup brand that acted expeditiously upon customer feedback highlighting the need for increased convenience in daily use. Exhibit two is self-explanatory.

    360-degree Customer Care

    Training customer service teams to be the ‘best amongst the best’ is critical. In many cases, the customer experience is closely driven by first-hand interaction with the customer care executive/helpline. Building systems and processes at an organisational level that allow a single customer view so that specific details pertaining to each customer can be accessed is the need of the hour. Also, such information should be made available to all functions for empowering and aligning them with the customer-centric strategy.

    360-degree Customer Feedback

    While the customer feedback is provided through multiple sources like customer care and sales teams, websites, survey questionnaires, google forms, social media, etc, it is imperative to address each through a carefully created repository backed by a tech-oriented query resolution and product development process. This forms the backbone of a consumer-centric culture.

    360-degree Content

    Over the last few years, Google’s search engine has shown a preference towards human-friendly content, ranking it higher than just content that hits all the right keywords. Therefore, the more humanised the content strategy, the more it will connect with the target audience. 360-degree content, hence, is people-centric and adds value to the product features and business-led articulation.

    To sum up, customer-centricity is the bedrock for businesses and in many ways decides their fate in terms of ‘Intention to Purchase (ITP).’ Brands, slogans, products, and media are only the spokes that help bridge the gap between the customer and the business and influence ‘Top of the Mind Recall (TOMA).’

    In essence, the brand reality today is defined by its collated perceptions and insights of the customers. Having said this, customer-centricity is a lifelong approach and needs constant attention to changing customer/market needs, perceptions and expectancies.

    (Atul Raja is executive vice president, global marketing at Wadhwani Foundation. The views expressed in the column are personal and Indiantelevision.com may not subscribe to them.)

  • 79% Indians prefer bundling of streaming services: Amdocs-Vanson Bourne Survey

    79% Indians prefer bundling of streaming services: Amdocs-Vanson Bourne Survey

    Mumbai: Amdocs, software and services provider to communications and media companies, on Wednesday, released the findings of its latest Streamer 2021 report which surveyed 1,000 consumers in India about their streaming and subscription services preferences. The data revealed the respondents’ inclination towards mega bundles comprising content and communications services.

    According to the report, 76 per cent of all surveyed consumers expect to add to their current subscriptions video streaming services, wellness and e-health, and e-learning services, in that order of preference. Consumers have explored the vast array of content and services available to them, discovering that there are plenty of offerings that stretch beyond the satellite/cable and video streaming status-quo.

    When asked how their live and on-demand consumption habits are set to change compared to the last 12 months, over two-thirds (69 per cent) of consumers expect the overall time spent on it to increase in the next six months from the current average of 14 hours per week.

    Customers are also showing high levels of interest in mega bundles comprising content and communication services: The next generation of bundles will still allow consumers to control key aspects such as subscription management, with user settings being controlled centrally for an added level of privacy. Just under four-fifths of respondents (79 per cent) would be interested in a bundle of video streaming, entertainment, and communication services, followed by multiple video streaming services (73 per cent), and video streaming and communication services (72 per cent).

    Quality of content is a major loyalty driver (71 per cent), which trumps even attractive prices (45 per cent).

    Customers want to create their own content package. The call for a packaged bundle continues, even as most customers cite that they would prefer to create and pay for a content package that is limited to content that they are interested in versus paying more for access to the provider’s entire library. This is most likely to be the case for consumers if they can pick content that can be accessed across video streaming services (69 per cent), satellite/cable (67 per cent), music streaming services (61 per cent), and gaming (55 per cent).

    Customers also shared that if they could create a ‘perfect’ bundle of their subscriptions, they would be most likely to pay more to include on-demand binge-worthy TV series (56 per cent), all games for one specific sporting team (49 per cent), virtual classes/training (46 per cent) and fitness classes with a ‘celebrity’ trainer (45 per cent).

    “The pandemic has led to increased consumption of media and entertainment services,” said Amdocs Media GM and chief commercial officer, Raman Abrol. “Availability of multiple streaming options under one roof has resonated well with the comfort levels of consumers who are confined at home and on the lookout for new means of entertainment. As we know that the customer is the king, this is an exciting opportunity for service providers to give them the option to bundle their services where they can access all their media and entertainment subscriptions in one place.”

  • Rediffusion throws open consumer research wing Red Lab

    Rediffusion throws open consumer research wing Red Lab

    MUMBAI: Rediffusion Brand Solutions has launched its specialised consumer research and analysis wing called Rediffusion Consumer Lab (Red Lab).

    This unit will specialise in consumer understanding, consumer behaviour and trend spotting to come up with actionable business intelligence which can then lead to brand solutions. Red Lab will be reporting to Rediffusion joint president Navonil Chatterjee.

    Rediffusion Group chairman Diwan Arun Nanda said, “I have always believed in the power of brands, and brand building is all about looking beyond the short term and focussing on the long term. It involves understanding consumer behaviour and sometimes, even changing consumer habits. That’s possible only through actionable, data-backed intelligence and not lose assumptions and vague gut feelings. And Red Lab will be that voice of wise counsel for our client partners and prospects.”

    Rediffusion Brand Solutions managing director Sandeep Goyal added, “This was a clear priority area so far as I was concerned. In the olden days, sailors looked at stars and constellations to navigate their way around in the high seas. To tide over the choppy waters of a hypercompetitive market, brands too need guiding stars and accurate category, market and consumer information can be those guide-marks for brands. Besides right from my Airtel and Mogae days, I have been a strong advocate of data-based marketing and this is a step in that direction from Rediffusion.”

    Chatterjee said, “Think of it as a first step towards brand consultancy. We already had some fantastic brand workshopping and creative ideation tools and techniques. Coupled with that, this consumer intelligence gathering wing will help us further in spotting trends and insight mining, and we sincerely hope that we end up mining gold here.”