The four steps in one-to-one marketing and how SP is doing all of these to support its marketing strategies. Introduction: SP is a music application which began as an alternative to other music download services. The customers are offered access to music from its vast library either by paying subscription or by listening it for free with interrupting ads in between. The artists generally have been a little less enthusiastic since SP makes a deal with record labels and by the time it reaches to actual artists, the amount becomes pretty small. It offers various benefits to the users who pay subscription fee. It uses vast amount of customer data and then analyses it to offer best services to its customers. It helps the artists know their most passionate fans so that musicians can target them. The fact that it uses big data analytics for analyzing customer data to a large extent makes it different from its competitors. One-to-one marketing is also called personalized marketing which is considered to be a good way of acquiring customer information and increase their satisfaction level. The four steps in one-to-one marketing are- Identify prospective customers The first and foremost step in one-to-one marketing is identifying the potential customers who should be targeted for the product. Here, mass targeting is not suggested until and unless the product is a mass market product. Hence, it is important to identify a segment of potential customers. Differentiate customers as per their needs Customers are to be differentiated based upon their needs and value in the second step. Getting a loyal customer base is not an easy task and hence it is important that the company concentrates on making such strategies which would help in retaining the existing customers. Acquiring new customers is equally important. Potential customers should be attracted towards the product by offering them a great deal of services. Interact with individual customers Since, the company is focusing on building customer relations by acquiring customer data, it is important to interact with each customer separately as it would help the company in acquiring more information about its customers. Every customer is unique in a sense that all of them have different expectations and different needs. So it is important to collect data from each customer so that customer specific services could be designed. Customize the product service for each customer Since each customer is different, they will obviously have different needs. Hence, the firm is required to customize the product service as per the varying needs of its customers so that the firm is able to cater to the specific needs of each and every customer and in this way it can actually achieve higher customer satisfaction. The motive of building long term relationships with the customer is also achieved. Implementation of these steps by SP − As far as the first step of identifying customers is concerned, SP has targeted its music application to people who like listening to music. It has targeted music listeners and music artists differently since both these groups have different demands. Listeners are there to listen to their favorite music whereas for artists, it is a source of income. SP has kept its strategies different for free users and for users who have paid subscription. It collects data of each individual customer. When a user first visits the website or downloads the application, he is asked to tell about his taste in music and the languages in which he would like to listen to the songs. In this way, data is collected. It also keeps track of online customers after they leave the website. While customers search and play the music they like, SP collects a lot of data which it uses for identifying individual customer’s preferences through its AI (Artificial Intelligence) technology Fourth step is about customizing product services as per individual customers and SP offers a popular service which is discovery weekly feature which consists of personalized playlist and this playlist is offered to the customers every week. This playlist is based on the taste and preferences of the users which is tracked by the software and SP adds the music it thinks would be liked by the user. Users can create their own playlist consisting of the music they like.

EBK MARKETING

10th Edition

ISBN: 9780135199992

Author: Stuart

Publisher: YUZU

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Career Building in Marketing

Career building means planning for the future professional career of an individual. Career building consists of developing new skills, enhancing knowledge, pursuing education, gaining experience, and finding new opportunities over time.

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