The days where companies could just offer high quality products that worked and expect to be top of the pile have long gone. Consumers are becoming more and more sophisticated in their choices and the post modern consumer expects a great deal more than just functionality.

One aspect of consumerism that is paramount to the end user these days is consumer experience, How do they feel when they are buying that product? Was it a pleasurable experience? Were the shop assistants nice to them? What was the ambience of the store like?  

In marketing theory the key formula that used to work for marketing was the 4Ps of product, price, place and promotion. These days, it is seen as more apt to follow the 7P formula; further including:

1) People: Interaction and relationships that are made through the consumption process

2) Processes: How the consumer gets from being a potential customer to a consumer, whether there was a seamless flow between A and B.

3)  Physical Evidence: What the surroundings are like, and how other consumers create an impression of the service experienced.

Building relationships with your customers is the key to beating your competitors. Studies have shown time and time again that consumers are less sensitive to price and convenience if, and only if, they feel a connection with their existing supplier. Nine times out of ten it would make no sense for a consumer to switch companies to save a small amount of money, if they are already happy with their existing company of choice. They would have to risk the fact that things could go wrong, and they also have to fight against inertia which is extremely powerful in today’s modern and busy lifestyle culture. 

Key ingredients in a commercial relationship are trust and loyalty. Customers like to be treated as individuals and they appreciate every little detail of their customer experience. John Lewis is the perfect model. The commercial giants have just recently topped the consumer satisfaction polls. Everyone I know, who has shopped at John Lewis raves on about their customer experience!! How there were always staff on hand to help, who were really informative if asked, but kept their distance if they weren’t. They also comment on how the store was very easy to navigate around, and how they managed to get really good quality products at reasonable prices.

 So take a leaf out of John Lewis’s book! It doesn’t matter how good your product is, if you don’t relate to your customers and go that extra mile to serve and impress them as individuals; your marketing strategy is very misguided and outdated! Consumers want relationships with companies, as long as they are relevant!  

This entry was posted on Friday, January 11th, 2008 at 3:34 pm and is filed under Marketing News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.