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09 Dec I took a pricing class this past fall (I'm an MBA student) and had a speaker who noted that his company had a pricing strategy for every customer. Sure, this is a form of price discrimination, but in a setting where what people pay is relatively individual and private, it makes sense that where different customers have a different willingness to pay, it is in a company's best interest to identify that value and try to capture as much of it as possible. So, what about communications to customers in the social media sphere? Traditional branding identifies a company's universal promise and voice. But that strategy arose in a time where there were very few marketing channels - TV, radio, print, direct sales, catalog sales, etc. Now, in a time where customers are increasingly fragmented because much of their time is devoted to niche internet communities, there is an opportunity to use a greater variety of messages, and to speak in different "tongues" to a wider audience. But does a communication strategy for every customer make sense? Does it spread a brand too thin, make it too complex, take up too much time? Or is the increased personalization worth the effort in exchange for stronger relationships, and hopefully, increased long-term company value? Any thoughts?
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December 2007 Applying traditional business fundamentals to conversational marketing ... I like it. It's good to sea discussion relating to an MBA program as a lot of programs try to tap into integrated marketing, a lot of them fall way short. I would concur and say you're on the right path towards the end in relation to needing to determine the framework for each segment of your overall audience. What you get is a more authentic perception of your message from your customers and it shows you are taking the time to invest in personalizing that message. Why not vest yourself in getting to know your customers better. Companies hunger for ways to engage their customer and not taking the time to get to know them and approach them in the most authentic/personalized way can only lead to a former customer and poor word of mouth. When you refer to the social media space, it's even more important to customize the message as you are truly entering someone's personal space online.
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December 2007 Thanks BJ. It seems to make sense to make a brand message more personal and customized since relationships in the social media space are more personal anyway. But it seems to bring about so much more complication to the marketers role. Either a traditional marketing team would have to somehow find additional resources to manage the varying messages, or traditional marketing needs to realign resources to focus on the social media space. I wonder if it is this latter option, what part of traditional marketing is expendable? I would guess most people would say dollars spent on old media, but what a challenging task that is to explain to traditional business leaders!
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December 2007 you're right it is a challenge as generations move up the corporate ladder, it shouldn't be so much. We've seen over the past 5 years many traditional advertising agencies aligning themselves with smaller shops that focus on this niche marketing or even buy them up and plug them into their list of current services. You can see this in a post written by a former colleague of mine. Acquisitions
It's not a matter of complicating the role so much as the ability for the marketer to really understand the customer and channels they have available when communicating with them. Hybrid .... Reply
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