As the competition in every sector of business is getting tougher it is advisable to focus more on the needs of the customers for increasing the profits. The marketing strategies should be concentrated on those customers who will benefit through the products and services most. There are several elements of a customer-driven marketing strategy which are described below.
In customer driven marketing strategy a specific segment of market is being targeted. Extensive research is carried out usually for finidng out the demographic characteristics like age, gender, job and income. Once the habits and behavior of customers are known it is easy to target them using various marketing strategies. Identifying the target helps in spending less time on unnecessary marketing methods.
The customer-driven marketing strategy tries to identify what the customer actually needs and how the products and services offered by the company meet those needs. The level of expectation a customer has for a product or service should be fulfilled through the features of products have and the level of service the company provides.
One of the advantages of customer-driven marketing strategy is building brand loyalty which can lead to repeated sales and referral leads. Several companies employ rewards through which customers receive points given to customers which can be redeemed for later purchase. Customers tend to buy more for gaining points to avail discounted price for products and services. amount of time.