Adaptive Marketing: Leveraging Real-Time Data to Become a by Norm Johnston

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By Norm Johnston

Adapt or die is basically the twenty first century mantra for company. Authors Norm Johnston offers tips on how you can undertake an Adaptive advertising version to make sure you will not be in basic terms ready for this new facts global, but in addition successful opposed to either conventional rivals and new disrupters.

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Ensure that your business is committed to the change required for highly customized products and services, which can impact every part of the supply chain. 5. Outmaneuver the competition. Keep an eye on the traditional competition and the Kickstarters of the world to make sure whatever you develop is more compelling and potentially disruptive. 44 ● Adaptive Marketing Our next chapter explores how brands are using real-time data to adapt and improve customer service. 1 Different Adaptive Approaches for Products and Services.

While consumers may be interested in personalizing or configuring the product, the manufacturing and delivery process required may dilute the profit margin rather than add to it. In short, you’ll lose money. As technology advances, particularly with the emergence of 3D printing, the costs of such adaptions will go down. In the meantime, a careful analysis of the cost-benefit ratio will help. Furthermore, the level of adaptability should be considered. There may be some simple customization features that meet most consumers’ needs and constitute most of the incremental margin that can be captured.

Why Starbucks Has Molasses Cookies Some companies have decided to take a step beyond monitoring by using the Internet to actively engage with consumers to identify new products or enhancements to existing ones. There are a variety of models and options available to marketers. For example, many brands have simply created basic Facebook brand pages and have extended an open invitation to people to post ideas. Starbucks has been one of the pioneers in using consumer data to adapt its products and retail experience.

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