August 8, 2007
Marketing’s New Key Metric:
Engagement
by Brian Haven for Marketing Leadership Professionals
Making Leaders Successful Every Day
For Marketing Leadership Professionals
August 8, 2007
Marketing’s New Key Metric: Engagement
Marketers Must Measure Involvement, Interaction, Intimacy, And Influence by Brian Haven with Josh Bernoff and Sarah Glass
EXECUT I V E S U M MA RY
The marketing funnel is a broken metaphor that overlooks the complexity social media introduces into the buying process. As consumers’ trust in traditional media diminishes, marketers need a new approach. We propose a new metric, engagement, that includes four components: involvement, interaction, intimacy, and influence. Each of these
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· The most valuable customer isn’t necessarily someone who buys a lot. In this socially charged era in which peers influence each other as much as companies do, good customers can’t be identified solely by their purchases.1 Companies also need to track individuals who influence others to buy. For example, a customer who buys very little from you but always rates and reviews what she buys can be just as valuable as someone who buys a lot — her reviews might influence 100 other people to buy your product. Tracking only transactions and loyalty at the end of the funnel misses this significant element of influence.
· Traditional media channels are weakening. Marketers continue to use mainstream media
messages to move consumers into a consideration frame of mind. But passive consumption of media is waning. Individuals dismiss or ignore marketing messages in lieu of information available from an ever-increasing number of resources, such as product review sites, message boards, and online video.2
· Consumers force brand transparency. Marketing and public relations teams used to have the
influence to spin a message in their favor when something went wrong. But in these days of snoring cable technicians caught sleeping on a customer’s couch, captured on video, and posted on YouTube or blogs blasting CompUSA for selling an empty box instead of a camera, spin is out of control.3 Online social tools, coupled with increasing social behavior online, make it
Customers can have a massive impact on how successful a business is, because it’s the customer’s choice as to where they want to spend their money. Tesco and Oxfam customers differ in the way that customers at Tesco will go there as they know exactly what products they will have for sale as they constantly stock those products whereas Oxfam customers
First, my favorite restaurant is Cheesecake factory at the Prudential Center. Cheesecake factory is on prudential center the corner of Huntington avenue Boston. I prefer this location because it is close to my home. Also this is excellent place, and absolutely has best servers. Furthermore, Prudential is a popular place for tourists. Additionally, the Cheesecake factory’s food is excellent and the price is very reasonable and has great food portions. Also, cheesecake factory is a large restaurant and always has places to sit.
keep an existing customer than finding new ones. A major part of the customer service, especially in a retailing
These customers value both low cost and excellent customer service. Providing both generates both branch loyalty and advertisement through word of mouth.
The case study article defines customer worth as “the theoretical amount the house expects to win, over the long term, from a customer based on his level of play.” This calculation allows Harrah’s management to more strategically analyze and predict a customer’s future spending as opposed to analysis of ‘observed level of play’ which is only based on a customer’s previous spending patterns. The example contained in this article of Ms. Maranees best exemplifies the benefits of calculating customer worth as opposed to an observed level of play. Ms. Maranees only played a limited amount in a short timeframe at Harrah’s, so if one were to solely judge her future habits by her observed level of play during that trip, they likely would not feel that she was a customer worth targeting. However, in analysis of her customer worth and theoretical wins, it was evident that Ms. Maranees was likely a very profitable customer who was probably bringing a majority of her business to Harrah’s competition, so it would in fact be advantageous for Harrah’s to win her business.
Sharing their customers with developing their products build a strong and long relationship between them, and that’s an long term adaptive to the future market where the customers are more involved and they value their services over the prices.
To truly understand the consumer’s needs one must listen to what the consumer wants and desires, it takes very little effort on the part of Company Q to understand the needs of its consumers. The effort we make can be the difference between a store’s success and a store going bankrupt. Insuring that Company Q's stores standout amongst its competitors in the marketplace will help give Company Q a competitive edge.
Nathaniel Hawthorne believes that only good and virtuous people are able to forgive. Roger Chillingworth is portrayed as a stereotypical villain because he is sinister, unrelenting, and unforgiving. Hawthorne shows that evil beings, such as Chillingsworth, are unable to forgive and instead dedicate their lives to punishing the sinner for their mistake. Chillingsworth displays his unforgiving nature when he “devot[ed] himself, for seven years” (Hawthorne 187) to the severe torturing of Dimmesdale, a hidden adulterer. Further, Chillingworth has an evil soul furthering his development as a villain. Chillingsworth will punish his prey forever and never forgive his enemy and will make him suffer like no “mortal [has] suffer[ed]” (Hawthorne 189).
Buyers are increasingly price-sensitive and value conscious and are more likely to make purchasing decisions based upon perceived price\value.
'Traditional marketing in the business-to-business environment requires very different strategies from those campaigns directed towards the consumer market.' (ExtraVision, n.d., p. 1) 'Consumer competition can be a lot fiercer, with customer loyalty a constant battle.? (ExtraVision, n.d., p.1)
Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).
Macbeth is introduced to the play as the “valiant Thane of Glamis”, who is loyal and affectionate. His fame on the battlefield is rewarded with great honor from his “beloved King Duncan”. Although the opinions of most suggest that he can do no wrong, his ambition is clear to the audience through his asides and soliloquies. Macbeth is influenced into his crimes by the prophecies of the three witches and by his wife, Lady Macbeth.
Customers: Given the composition of the Indian population described earlier, the customers are typically price sensitive with not much disposable income. The majority of
Today’s organizations fail to realize the value of their customers when it comes to the success of their business. Without customer loyalty the success of your business will always be uncertain. Organizations must sensitively tailor the designs of a successful firm to the particular challenges of understanding, attracting, and keeping valuable customers. “Having satisfied customers just aren’t good enough”. Kenneth Blanchard and Sheldon Bowles, co-authors of Raving Fans, believe this concept is needed to have a successful business. I agree with this concept of customers being the focal point of any business. I would want more than just a satisfied customer; I want a “Raving Fan”.
Broadly speaking organisational customers can be classified in commercial, institutional and governmental sector. (Oxford University Page)