One of the most important sources to help you maintain and improve your digital marketing strategy is by employing one of the oldest techniques in business – . If you want to be updated on how the market is behaving and where it is leaning towards, you’ll get much more help by going to the source; your customers. Setting up a feedback system will help you understand your customers better and adjust your strategy around the information you’ve collected.
Applying what you know from customer feedback may require you to go deeper to fathom what they need and how can you satisfy it. Thus, it may seem counterintuitive at first but if you truly understand their motivations, you’ll know what you need to do.
One example is what the McDonald brothers did in the 1950s. They realized that underneath the trendy appeal of a drive-in restaurant, what the people needed was actually being able to eat quality food within a reasonable timeframe. They looked at their menu and determined what actually sells, and built a system that efficiently delivers those foods to their customers. They met some resistance at first, having had to do away with carhops, metal trays, and utensils but in the end, the real reason why customers go to a food place was really to just eat good food regardless of how it was delivered.
Your friends can be your competitors, but many times the opposite is not true. So it’s important that you keep an eye out on the people who have a share of the pie with you. It may sound egotistical if you’re enjoying a better status than most of your competitors but it’s also wise to keep a tab on their activities especially if you’re thinking of doing that. They may also have a different approach or view on certain things so taking a look at their trendy blog post and how it’s performing traffic-wise is worth noting.
When the roles are reversed and you’re looking at a giant company, you may want to capitalize on their sizable bandwidth to conduct market research and come up with innovative marketing strategies. This doesn’t mean that you’ll emulate every idea, but understanding the concept and finding ways to apply it to your own needs is necessary if you want to keep updated with their latest discoveries.
For example, one giant telco discovers that people would rather send text messages than calling. So they devised their strategy around getting the most revenue from that part of the service. Then comes one start-up telco, having realized the same trend, it decides to undercut the service in order to take their share of the market. And ultimately get some of the customers away from the big company. The latter’s strategy worked and the big telco was forced to emulate the start-up’s approach and now, people got affordable text messaging services.
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