In My Words… by Fred Neil

There are many marketers today who are concerned about slowed revenue growth, or even shrinking revenues, as well as fleeting customers. What can you do to truly recession proof your business… Listen To Your Customers. I have often been bewildered by how many marketers will rally their teams in a war room to strategize on how to increase revenues, acquire new customers, gain greater revenues per customer, by adding a new feature or function, price changes, new ads, etc., but they often neglect the most important part of the equation: talking with and listening to their customers before making changes. It is o.k. to develop concepts from an inside out perspective, but they must be market tested or vetted by those who pay for the salaries and overhead of our companies - The Customer.

A critical customer segment, Mavens, as defined in Malcolm Gladwell’s The Tipping Point, are twice as likely to talk to others about their experiences with our brands. Not only are they twice as likely, but they tend to have very developed social networks that listen to them, trusting in their opinions. It is critical to fully understand and respond to the opinions of your Mavens in advance as they can play a significant role in the successes and failures of our brands. A good practice for all marketers to embrace on a daily basis is to ensure their products and services appeal to people’s aspirations and their dreams. As marketers, we must inspire prospects and consumers alike as we move them from awareness to trial and hopefully loyal customers.

When trying to decide what the next new product or service is you should be focusing on developing, I would suggest trying not to be one of the many “me to” products and services that exist today, unless you have a unique hook that can gain you share. A better approach, however, is to focus on creating products and services that are game changers, that can be tomorrows market leaders not followers. Don’t be afraid to think big, break the rules, challenge the current conventions within your industry and kill some “sacred cows”. Develop your products and services from the point of view of the customer. What latent need is not being met efficiently today. How many times have you thought, “boy I wish I had thought of that, it is so obvious”. Focus on differentiating yourself. As you think about your business, focus your product development on the needs and wants of your current Mavens and those you would like to attract to become Mavens. If you haven’t done so in the past, begin to spend a disproportionate amount of time focusing on keeping these key individuals happy. You can do this by providing them with exceptional service and the products they are demanding. Do not attempt to do this by sitting in an ivory tower, speculating on where your next share gains can come from, but go to the source, the Mavens, for your answers. It is also important to always be extremely respectful of their time and privacy. That said, you still must not forget to solicit feedback from them whenever possible, preferably before undertaking actions that might affect their future experiences with your brand. Always avoid, at all costs, going to market with new products and/or services without first engaging with your customers (those who pay) and, if appropriate, their end users (those who use). Establishing a simple customer feedback loop or echo chamber, before implementation or product launch is an essential element to maximize the chances of success .

If you can follow these simply rules and make it part of your operating disciplines, you are assured of having better success at keeping your custommers through all seasons, as well as attracting new ones.