Good Vs Great Marketing
Trusted KYB aims to achieve its vision with a focus on customer satisfaction
- OPublished by Owain Revitt
on August 3, 2021
The difference between being good and being great is extremely distinct, especially when it comes to marketing. It’s straightforward to be good at your job. A strong work ethic, dedication and resilience will get you far, not just in your career but also in life; however, to be great takes something special. Good marketing is all about the company’s benefit. Great marketing is all about customer satisfaction.
"Trusted KYB has a strong team of like-minded individuals,who share the goal of making online shopping safe for everyone."
What makes great marketers?
The following table gives a glimpse of what traits differentiate a good marketer from a great marketer.1
| Traits | Good Marketers | Great Marketers |
|---|---|---|
| Empathy | Good marketers know who their target market is | Great marketers understand the target market’s passions, their dislikes, motivations, and fears |
| Passion | Good marketers enjoy their jobs | Great marketers have a strong sense of passion for their jobs. They’re always eager to seek new ways to learn, develop and take their marketing skills to the next level |
| Creative & AnalyticalMindset | Good marketers are creative | Great marketers understand that it not only takes creativity to make a successful campaign; it also takes inspiration backed by real data and insights |
| Fearlessness | Good marketers try out new tactics | Great marketers are those who create the new tactics, they are always innovating and always push beyond their comfort zone |
| Leadership | Good marketers are liked by their team | Great marketers are trusted and respected by their team |
| Flexibility | Good marketers create amazing campaign plans | Great marketers are aware that nothing ever goes according to plan |
| Follow-through | Good marketers can create an amazing strategy but often pass it off to a team to execute the details | GGreat marketers go the extra mile and participate in the whole process and help team members who need it |
| Vision | Good marketers can tell a story | Great marketers know why the story matters. They understand the problems they are trying to solve |
It can take a great deal of effort to go from good to great. Sure, good is good. However, if you want to take your marketing campaigns from being just good to being great, then be sure to identify the aspects you could improve. By creating great marketing campaigns this is likely to greatly improve your customers’ level of satisfaction, which should be one of the core aims of your company’s strategy.
What should be the core aim of your marketing
When it comes to running a company, increasing customer satisfaction should be the core aim of your marketing. In a ground-breaking 2006 study, University of Michigan business professor Claes Fornell showed the relationship between customer satisfaction and financial success. The study found that the companies with high customer-satisfaction scores had blown the S&P 500 out of the water.2 Not only had the companies with high customer-satisfaction scores produced higher stock returns, but their stock values and cash flows were also less volatile. This suggests that it is vital to ensure your customers are satisfied with your company.
Why is customer satisfaction important to a company?
It gives you a competitive edge
Differentiating your business from your competitors no doubt brings a lot of value to your business. Ensuring greater customer satisfaction with the product and services that you provide can give you that competitive edge to stand out from your competitors. Hence, customer satisfaction should be your top priority to succeed in this age of social media where news can travel very fast. Happy customers can spread word about your business which inturn can increase your sales. Wouldn’t you choose a product or service that was recommended to you by your friends or family or even a product that has positive reviews online?
It increases customer lifetime value
A study by InfoQuest found that a ‘totally satisfied customer’ contributes 2.6 times more revenue than a ‘somewhat satisfied customer’.3 Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue than a ‘somewhat dissatisfied customer’.4 When your marketing strategy involves customer satisfaction over all else your customers stay with you longer, thereby increasing customer lifetime value.
It improves the reputation of the company
McKinsey found that an unhappy customer tells between 9-15 people about their experience. In fact, 13% of unhappy customers tell over 20 people about their experience.5 That’s a lot of negative word of mouth which is bound to have a negative effect on the reputation of your company.
Your company’s customer satisfaction levels are tightly connected to the revenue of the company. Furthermore, negative word of mouth is extremely detrimental to a company’s reputation. You and your company should aim to avoid this at all costs, by ensuring your customer service is top tier.
It’s cheaper to retain your existing customers
It is extremely expensive to acquire new customers. It costs six to seven times more to acquire new customers than it does to retain existing customers.6 You and your marketing team spend thousands of dollars getting the attention of your target market, nurturing them into leads and closing them into sales.7 Hence, we can understand why it is important to keep your customers happy and satisfied.
Trusted KYB’s Marketing
Trusted KYB, we intend to meet the criteria of being great marketers by firstly identifying our target audience, i.e. individuals who want to shop online safely. At Trusted KYB, we understand the struggle of trying to figure out whether an online merchant is safe and reputable or not and therefore have empathy for the user of our service. Also, Trusted KYB has a strong team of like-minded individuals, who share the goal of making online shopping safe for everyone. We aim to achieve this objective by keeping our customers’ satisfaction at the forefront.
Reflections
Although good marketing is all about the company’s benefit, the focus of your marketing strategy should be on customer satisfaction since it can lead to many benefits for the company, those benefits include, improving your reputation as a company, improving customer loyalty and so on. The traits of good marketers and great marketers are very similar. However, great marketers take those traits one step further, which allows them to create powerful and successful marketing campaigns.
Sources
1https://www.neboagency.com/blog/good-vs-great-marketers/
2https://www.allaboutcalls.co.uk/the-call-takers-blog/6-reasons-why-customer-satisfaction-is-important
3Ibid.
4Ibid.
5Ibid.
6Ibid.
7Ibid.