Remaining Relevant In a Changing Market

Transcription

1 Remaining Relevant In a Changing Market How to Survive Disruption and Build Value For Members, Customers and Clients Scott Stroud Cash Flow Engineering Cumberland Marketing Technology

2 CRM & Follow Up Specialists We help businesses remain relevant by systematically tracking the metrics and creating processes that drive sales.

3 RELEVANCY What is it? Why is it important? How do you maintain it?

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13 What changed?

14 Technology Consumer Preferences Lifestyles Priorities Economic Conditions

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17 Here s What Jaguar Land Rover is Doing to Stay Relevant Fortune, Sep Jaguar Land Rover (JLR) launched a technology business which aims to create apps for services such as car-sharing to explore ways of tapping demand for cheaper and greener ways of making short journeys

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19 "Millennial consumers are more attracted than their elders to cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quickserve restaurants. Buffalo Wild Wings CEO Sally Smith BusinessInsider.com

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21 DISRUPTION: Transition Innovation Extinction

22 What changed?

23 Technology Social Trends Preferences Convenience Lifestyles Consumer Habits Priorities Economic Conditions

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26 Why Businesses Become Irrelevant: Not in touch with customers No real market differentiation Failure to communicate the value proposition Leadership breakdown at the top. Poor: Planning, capitalization, skills & financial education No defined profitable business model: Predictable income streams, positive cash flow, profitability Monitoring your relevant numbers

27 What is Relevant to Us? Market: Demo- and Psychographics Economic Cycles Consumer Trends and Preferences Technology Design Business Model

28 What s Relevant to 50+ Health & Fitness Social Activity Aging in Place Safety Convenience How are you differentiating your brand?

29 What s Relevant to Millennials Live in the moment Freedom and flexibility Convenience and entertainment Social Responsibility / Causes Extension of lifestyle (Technology)

30 What s Relevant to Millennials Tech-Ready Smart Home Charging Stations Plan for what s coming The ability to control their security system, thermostat, water heater, etc. from their phone isn t optional, it s expected.

31 What s Relevant to Millennials KOHLER's most advanced toilet offers personalized settings that let you fine-tune every option, from the multi-setting bidet to the wireless Bluetooth music sync capability to the heated seat and foot warmer. Store MP3 files to the SD card, or plug in your device using the auxiliary cable. Other upgrades include Power-Save mode for energy efficiency, emergency flush for power outages, and an intuitive touchscreen remote (sold separately). From its striking form to its exceptional water efficiency, the Numi toilet marks a new standard of excellence in the bathroom. Price: $6,825

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33 How to Measure Relevance 1. New Leads. Every business needs a consistent stream of new prospects. The Number of Leads measures this stream and will tell you how effective your marketing is. The better a business is at getting new leads, the faster your business can grow and the healthier you ll be.

34 How to Measure Relevance Out: Advertising Lineal Pitch Stale Outbound In: Engagement Interactive Persuasion Creative Inbound

35 Marketing Relevance 1 in 5 mobile minutes are spent on Facebook and Instagram

36 How to Measure Relevance 2. Conversion Rate This number will tell you how effective your sales process is. This is a critical part of your income stream. Too many businesses are great at marketing and poor at sales. Remember this, no sales, no money.

37 Sales Relevance Placement Promotion Pricing Delivery Convenience

38 How to Measure Relevance Retention Rate CLV The more customers a business keeps, the fewer new customers it needs. That lowers costs per transaction and creates customer for life?

39 Retention Relevance

40 How to Measure Relevance # Transactions Repeat business is the reward for great service and value. Creating systems for repeat business is how companies become Brands. And building those systems is key to long-term growth and consistent cash flow.

41 How to Measure Relevance Average Price per Transaction In any given visit, how much will each customer spend on your goods or services. If you measure that, you can begin to answer the next question, What can I do to make that number bigger?

42 Value Proposition Benefits Choice Convenience Location Experience Pricing Relevance

43 How to Measure Relevance Production Costs Measures effective use of resources in purchasing, production and fulfillment. Failing to monitor this number can sink a business fast!

44 How to Measure Relevance Fixed Costs Finding the right balance between location and rent and purchase costs, for example, can allow for better, informed decisions that protects profits and cash flow.

45 How to Remain Relevant 1. Understand Your Market What and WHY People Buy (Research) Buyers Buying cycle Competition

46 How to Remain Relevant 2. STAND OUT with a unique, attractive offer. More of Less of Benefits Lifestyle Improvement

47 How to Remain Relevant 3. Demonstrate your benefits What do they value? What is the impact on their lives? Show them something different.

48 How to Remain Relevant Communicate On Their Terms Emotional Impact Relevant Placement - Social Media - Mobile - Text & - Lightning-Fast Personal Response

49 How to Remain Relevant The Tools: Strategy & Processes CRM Fluid 2-Way Communication Good Metrics The right numbers

50 Remain Relevant in a Changing World

51 Scott Stroud Cumberland Marketing Technology CumberlandMT.com