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Navigating the Nano-Second Culture: Marketing Challenges and Customer-Centric Strategies

Discover the future of marketing with insights on nano-second culture, hyper-competition, and demanding customers. Learn to meet challenges through a customer-centric approach, focusing on attracting and retaining valuable customers. Understand major shifts in thinking towards total customer experience and anticipating unarticulated needs. Explore sustaining customer value, branding strategies, and the importance of customer centricity in building loyalty and realizing customers as assets.

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Navigating the Nano-Second Culture: Marketing Challenges and Customer-Centric Strategies

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  1. The Future of Marketing Dipak Jain Kellogg School of Management Northwestern University

  2. 1. What Challenges? • “Nano-second” Culture

  3. 1. What Challenges? • “Nano-second” Culture • “Hyper” Competition

  4. 1. What Challenges? • “Nano-second” Culture • “Hyper” Competition • Demanding Customers

  5. 2. Meeting the Challenges: A Customer-Centric Approach • Doing business the way the customer wants to do it

  6. 2. Meeting the Challenges: A Customer-Centric Approach • Doing business the way the customer wants to do it • Being close to customers and ahead of competition

  7. 2. Meeting the Challenges: A Customer-Centric Approach • Doing business the way the customer wants to do it • Being close to customers and ahead of competition • Developing capabilities in attracting and retaining valuable customers

  8. 3. Customer Centricity:Major Shifts in Thinking RealizeMarketing is: Product/ Service Total Customer Experience

  9. 3. Customer Centricity:Major Shifts in Thinking RealizeMarketing is: Product/ Service Total Customer Experience FocusOn: Product Life Cycle Customer Life Cycle

  10. 3. Customer Centricity:Major Shifts in Thinking RealizeMarketing is: Product/ Service Total Customer Experience FocusOn: Product Life Cycle Customer Life Cycle AnticipateCustomer’s: Articulated Needs UnarticulatedNeeds

  11. 3A. Customer Life-Cycle • Customer Well-Being (Health care and Wealth care)

  12. 3A. Customer Life-Cycle • Customer Well-Being (Health care and Wealth care) • Media and Entertainment (Customer Engagement)

  13. 3A. Customer Life-Cycle • Customer Well-Being (Health care and Wealth care) • Media and Entertainment (Customer Engagement) • Hospitality Services (Tourism-Travel & Hotels, Restaurants)

  14. 3B. Unarticulated Customer Needs CUSTOMER NEEDS EXISTING (Current, Articulated) LATENT (Future, Unarticulated) Objective: Serve Current Markets Create New markets Critical Issues: Customer Expectations Customer Education/Trials

  15. 3C. Total Customer Experience: Value Disciplines PSYCHOLOGICAL FUNCTIONAL ECONOMIC

  16. customer cost of switching customer cost of thinking 3C. Sustaining Customer Value Maximize Customer Value = • Reduce customer cost of thinking • Increase customer cost of switching

  17. 4. Branding For Customers there should be a “clear” message • FedEx “Reliability” • Nike “The athlete in you” • Gap “Affordable fashion” • Singapore Airlines “Warm genuine attention & friendliness” • Star Alliance “Global Access” NUS “ “ Singapore “ “

  18. Branding: The Kellogg School • Why the Kellogg School? L earning

  19. Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities

  20. Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities V alues

  21. Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities V alues E thics

  22. Branding: The Kellogg School • Why the Kellogg School? L earning O pportunities V alues E thics Feel the LOVE@Kellogg

  23. 5. Summary Customer Centricity requires: • Anticipating customers unarticulated needs • Enhancing customers’ total experience • Simplifying customer purchasing process • Building customer loyalty • Realizing customers (internal & external) as true assets

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