Which Customers are You Targeting?
These days, businesses get excited when any potential customer appears to show interest in their product or service. But does that mean marketers should spend heavily to turn all potential customers into purchasers? Not according to the analysis presented in Emotion Marketing. Authored by Scott Robinette and Claire Brand, both with a long history at Hallmark, and consultant Vicki Lenz, the book was first published in 2000. The book contains advice that proves especially true today, as pointed out by Walter Lim on his Cool Insights blog.
The book analyzes Hallmark’s Value Star (SM) marketing strategy which targets consumers in two major ways: Rationally and Emotionally. On the rational side, companies should position product features and availabilities with a specific financial angle. On the emotional side, markets should communicate equity (brand identity), experience (customer services, loyalty programs, events) and energy (make the product or service worthwhile or personalize).
After marketers determine how to reach consumers, they should next segment potential customer types and allocate resources accordingly:
- Low Value Customer: Strategy – ignore
- Limited Potential Customer: Strategy – maintain
- High Value Potential Customer: Strategy – maintain
- High Potential Customers: Strategy – pursue
To learn more about how to spend marketing budgets effectively, read Kim’s complete review here or check out the entire book.[Source: Kim, Walter. Emotional Marketing the Hallmark Way, 5.23.09]