Social media. Mobile. Big data. Enterprises have been busy rolling out ad campaigns using the latest tools. Marketers who are on the leading edge of all things mobile might believe that consumers will buy because they’re intrigued by the technology behind the ad. The Fournaise Marketing Group says that it’s far more important for marketers to focus on developing a product and then communicate the product’s Customer Value Proposition (CVP) to ensure a solid ROI on their advertising investment.
The Fournaise research is based on a large study of B2B and B2C marketing strategies used by large and small businesses. In the study, the 71% of marketers who devoted more effort to the shiny object syndrome of new media formats also neglected to consider whether they were offering a solid customer value proposition to their target audience. The misplaced focus cost these marketers. They “performed 3 times lower on average” than marketers who paid attention to the CVP from the start.
Marketers who became enchanted with the Big Data mania experienced similar difficulties. Jerome Fontaine, Global CEO & Chief Tracker of Fournaise , points out that “One of the diseases in the marketing industry is that marketers too often forget new media, marketing automation, omnichannel, Big Data and the like are only tools (the “Form”) used to best deliver, analyze and/or optimize the messages (CVPs). He emphasizes that the content of a marketing message is the best way for enterprises to communicate their CVP. Marketers must convince consumers that they are offering a product or service that is valuable. They must also show potential customers why their product or service is better than what the competition is offering.
What are you doing this year to fine-tune your CVP in your marketing messages?