We can’t be all things to all people. The market place is large and while it would be good for business to provide a suitable product and/or service to all people, we know that it is not possible for most businesses to market a product across all sectors of the market.
The preferred tool for determining where to put the marketing effort is the SWOT analysis. The Strengths and Weaknesses relate to the business while the Opportunities and Threats relate to the market segment.
However there is another emerging tool becoming increasingly used in today’s market that is changing the way that businesses approach their customers. The new tool is encompassed in technology (internet, smart phones, and data tracking).
Is this technology helping business keep in contact with their customers’ needs/wants?
Some supermarkets are using loyalty programs to understand customers shopping habits in an effort to customise their marketing programs specifically for the customer. This would appear to only be of benefit if the customer bought all of their products from the one supermarket chain.
Customers are also using technology to their best advantage as well with smart phone technology and the use of Apps enabling a customer to be in one supermarket while using their smart phone to compare pricing of a similar product at a competitor supermarket.
This enables some customers to buy certain products at one supermarket and other products from a different supermarket. This in some way does not give the supermarket a true understanding of all the products that a customer uses only those products that are purchased in that supermarket.
Some UK supermarkets now contribute to a website where consumers can compare similar products across the different companies for the best pricing. This appears to be very transparent however are the products being compared similar?
The use of technology appears to be a more transparent way of doing business and it would seem that businesses would need to embrace many different ways of understanding customers or risk being left behind.