My car insurance is expiring later this month. My general insurance company is caring that I should not drive without insurance that for the last 15 days I started receiving emails, SMSs, calls almost daily and some days more than once reminding me to pay the renewal money. They were so caring that I had escalated the mater to IRDA to stop them.
Are they caring for the customers or desperate to retain their revenue?
Why is the company so desperate that they irritate and frustrate their own customers even at the cost of losing the customer?
It is not about competition but about mediocre, undifferentiated products and services they offer.
The following excerpts from the Seth Godin book This is Marketing are relevant and needs consideration by all marketing teams.
“A short term, profit-maximizing hustler can easily adopt a shameless mindset. Spamming, tricking, coercing. Is there any other professional that proudly do this? You won’t find civil engineers who call senior citizens in the middle of the night to sell them worthless collectible coins. You won’t hear of accounts that extract customers’ data without permission or orchestra conductors who proudly post fake reviews online.
Your emergency is not a license to steal my attention. Your insecurity is not a permit to hustle me or my friends. ”
My insurance company and like them, most companies are suffering from insecurity. Why insecurity? Because they don’t do what they are supposed to do.
Marketing is the generous act of helping someone solve a problem.
When companies fail in this primary role, they adopt the 2nd means of coercing people and calling them 24 x 7. Marketers should create volunteers, not victims.
Seth Godin says, marketers don’t use consumers to solve their company’s problem, they use marketing to solve other people’s problems. But what is happening in the market is the other way around. Company targets, sales graphs, are the focus, not the people they what to serve. This is why they do not create volunteers but frustrated and irritated victims.
Michel Stelzner in his book Launch wrote,” Don’t think about people as targets for the sale. The question isn’t who can you land, its who can you help? If you are only focussed on the sale, you are missing a mega opportunity. You can easily draw people to your company simply by helping them solve their problem.”
Which company/ marketing team is thinking like this? Every company wants to sell nothing else, no one is out to help the target audience. This is the reason every company struggles. They become mass irritator in the market. Every product and service looks similar. So, they keep flooding the market with reckless calling, mailing, messaging, spamming to their customers and to potential victims from the stolen data.
Is your company equipped to offer talk worthy experience? Because if you don’t invest in talk worthy experience. Jay Baer/ Daniel Lemin in his bestselling book Talk Triggers writes,’ lack of differentiation puts enormous pressure on your bottom line. If your product isn’t talkable, then cost becomes the sole basis of comparison.”
Price has remained the basis of comparison and hence there is a restlessness in the marketing. This we can see in the market. The myopic approach of the companies by not investing in differentiating experience is a serious threat to a company’s long-term survival.
Scott Mckain in his book Create Distinction wrote,” Being different, standing out getting noticed is a sea of sameness is vital to an organization’s sustained growth and profitability.”
Going concern is an important aspect of the company, auditors have to comment upon in their audit report. Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary. If a business is not a going concern, it means it’s gone bankrupt and its assets were liquidated.
But before auditors can comment, we can know this from the desperation and frustration of the marketing department. This can be known by reading customer reviews online.
Marketing efforts can pre-empt this caution. Auditors can reach the data much after the marketing can sense this. The audit is a statutory requirement but critical marketing audit offers a great insight into what is going on in the market and what is going wrong. It can tell you whether your company’s going concern status is under serious threat.
How Can Marketing Create Value?
Obviously by focusing on helping the target audience.
“Content marketing and creating content-driven experiences, has proven to be an extraordinarily powerful new way for marketers to create this experiential value for the business. Content-driven marketing is the differential function of the business. Simply paying for attention will no longer do. We as marketers have to hold it long enough so that WE matter to them. It’s a creation of valuable experience and content that is the new muscles for most organizations.” Experiences The 7th Era of Marketing.
By creating valuable content that helps the target audience, a company can help customers, hold attention long enough, and create differentiated experiences. In the absence of this approach what we see is a reality. Reckless spamming, data robbery, and mass irritation by all means.
You have two choices now:
Listen to these marketing experts and act NOW.
Wait till your auditor qualifies the report by stating that there is substantial doubt regarding the entity’s ability to continue into the future.
You may like to read: Content Experience – The 7th Era of Marketing You Need to Embrace