Here are three truisms for the future of marketing:
1. Word of Mouth
Positive word of mouth is the most effective tool in marketing. Today, more than ever, your customer has a voice. Even though over 90% of word of mouth is offline, social media tools have acted as both an amplifier and a long tail. How are you giving your customers something to
‘talk, blog, tweet, and post to Facebook about’?
2. Retention
Retention is fast becoming the new acquisition. It’s common knowledge that acquiring a new customer costs 5 to 10 times the amount of retaining a current one. Studies have shown that a reduction in attrition of 5% can boost profit by 25%. How are you going above and beyond to drive customer value, keep your current customers, and eliminate the revolving door effect?
3. Differentiation
It is becoming harder and harder to differentiate our products and services. Everything is moving toward becoming a commodity. How are you figuring out ways that you can stand out in the ‘sea of sameness’?
What if there was a marketing concept that moves the needle towards achieving differentiation, driving retention, and stimulating word of mouth? What if your execution was 100% targeted, with 0% waste and given with a personalized touch?
I believe the answer lies in focusing a greater percentage of your marketing budget on the customer, not the prospect. Deal with the one that is “in hand” rather than the two “in the bush.”
Putting the Pieces Together
GLUE is an acronym for ‘giving little unexpected extras’. The underlying concept is called marketing lagniappe. Lagniappe is a Creole word meaning ‘the gift’. The practice originated in Louisiana in the 1840?s whereby a merchant would give a customer a little something extra at the time of purchase. It is a signature personal touch by the business that creates goodwill and promotes word of mouth.
Who doesn’t like a ‘little something extra’? Where is the lagniappe in your marketing?
Today’s Lagniappe (a little something extra) – Bookmark this for next Halloween. How to use a glue gun to make spider webs that would make Peter Parker jealous:
