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Tag : customer affinity

Increasing Customer Affinity

Carlton Hoyt 11:49 am , January 5, 2016

Affinity has a transformational value on brands.

Google, Facebook, Apple and Amazon have all moved beyond having a simple transactional relationship with their customers to one that creates intimacy and serves their needs in a more holistic manner. These companies are generous, they are unselfish, and their approach is well beyond one of asking for the next sale. Whereas most companies self-promote in order to obtain the customer’s next purchase, elite brands seek not only to create customer loyalty, but to be loyal to their customers.

The overwhelming majority of companies are only good at fostering transactional affiliations with customers. They ask for their business, the customer gives it to them, and that is largely the end of the relationship. Companies frequently try to obtain repeat business; those who do so well attract supporters – customers who have moved beyond individual transactions and consciously prefer your brand, buying repeatedly. Relatively few companies are effective at recruiting promoters, people who actively share their positive impression of your brand through advocacy to others. Those brands which have strong networks of promoters are often very successful, but there is a fourth level of customer affinity that not only drives even further degrees of loyalty, but also leverages customer assets to build brand value even further, creating a positive feedback loop for both the brand and customers: co-creation.

Co-creators actively add value to the brand by contributing to its offerings for other customers. They are so invested in the brand that they add to it themselves. This may be altruistic, but may also be to realize some kind of return, be it financial, recognition, or otherwise.

Increasing Affinity

Most companies pay careful attention to how loyal their customers are to them, measuring things like net promoter score and tracking sentiment on social media. They think that good customer service will win the loyalty of customers, and while good customer experiences may turn transactors into supporters and perhaps even the occasional promoter, good service is not enough to routinely transform customers’ affinity to the highest levels. In order to move up the affinity ladder, brands need to not only focus on how loyal their customers are, but how loyal the brand is to their customers. If a customer is anything more than a transactor, they are giving you more than money. Likewise, you need to be doing something more than selling products and services (in other words, creating transactions) to better foster that affinity. You need to actively add value to the lives of your customers outside of the transactional realm.

Building co-creation opportunities often, but not always, requires a degree of altruism. You must seek to provide opportunities for your target market which do not actually cost them anything.

Examples of Co-Creation

Many businesses are built entirely around co-creation. Yelp or any user-driven recommendation website are almost entirely based on co-creation. Facebook is driven by co-creation. Airbnb is a co-creative endeavor, relying on its hosts to build the success of their platform. Your business, however, does not need to be centered on a co-creation business model in order to leverage it for increased customer affinity.

Customer-centric resources are tools that any company can use to greatly heighten customer affinity. By helping customers solve problems outside the context of a buying journey, you will provide massively positive experiences that will increase affinity. While resources do not require a co-creation component, such a component may be integrated into them. Consider the Nike+ ecosystem, where users can share workouts, compare progress with friends, and help motivate each other. The GoPro Channel is another well-known co-creation resource, where GoPro leverages its own popularity to support its customers’ best creations.

Social Media, “Engagement” and the Affinity Failure

Many marketers consider themselves to have succeeded at forging relationships with customers if they have high “engagement” metrics or large social followings. These are not indicators of affinity and are often vanity metrics. A social follow is by no means an indication of support, and it certainly does not suggest that the follower will promote your brand. In the life sciences and most B2B industries, social media is largely a platform for the dissemination of content. It is a utilitarian tool. While the ability to foster personal relationships with members of your target audience certainly exists, social media is not a natural channel for brand-customer communication. If your goals are to increase your audience size and reach, seek new social followers. If your goals are to increase customer affinity, look for non-transactional ways to provide value to your audience.

As customers not only take greater control of their purchasing decision journeys but compress them as well, brand affinity becomes increasingly important. Those brands which are able to create heightened levels of customer affinity will have immense advantage in an accelerated journey which reduces the consideration and evaluation phases. Customers are increasingly making decisions based on established preferences. The brands with the greatest customer affinity will be the winners.

"Looking for ways to increase customer affinity? BioBM develops resources for life science brands that grow their audiences and enable them to dominate their brand space. If domination is on your brand’s agenda, then contact BioBM today."
Blog / Branding / Content Marketing / Digital Marketing / Marketing Strategy 11:49 am , January 5, 2016

Is Publishing the Holy Grail of Content Marketing?

Carlton Hoyt 11:43 am , November 3, 2015

There’s a lot of noise coming from some fairly reputable sources extolling the virtues of publishing as the next generation of content marketing (I’m sure you’ll be very familiar with this if you follow the Content Marketing Institute at all). For instance, let’s take a look at a recent article from the Harvard Business Review website – “Content Is Crap, and Other Rules for Marketers” – which makes some great points, but misses some equally if not more important points.

To begin, let’s summarize his 4 rules, which are all extremely valid points…

Rule 1 – Recognize that content is crap. This is best highlighted by the author: “We never call anything that’s good ‘content.’ Nobody walks out of a movie they loved and says, ‘Wow! What great content!’ Nobody listens to ‘content’ on their way to work in the morning. Do you think anybody ever called Ernest Hemingway a ‘content creator’? If they did, I bet he would punch ‘em in the nose.” He goes on to state that marketers need to be more like publishers.

A bit of a side note before we move on. The author is appealing to emotion a bit and is forgetting that content is a somewhat technical term – no one says they drink “dihydrogen monoxide” either. What this is more illustrative of is the mentality of many content marketers. What’s important isn’t, for example, that the people who watch great movies don’t refer to it as “content” but that the producers, writers, directors, and actors who set out to make a great movie don’t refer to it as content. It’s the mentality of content – making “stuff” that begs for attention – which gets people stuck in a losing paradigm and it’s a paradigm that needs to be dropped.

Rule 2 – Hold attention, don’t just grab it. “Marketers need to build an ongoing relationship with consumers and that means holding attention, not just grabbing it. To get people to subscribe to a blog, YouTube channel, or social media feed, you need to offer more than a catchy slogan or a clever stunt. You need to offer real value, and offer it consistently.” The author argues that publishing solves this problem.

Rule 3 – Don’t over-optimize metrics. It’s too easy to confuse measurement with meaning. He uses the example of Buzzfeed, who no longer uses clickbait titles as they’ve realized that they optimize for pageviews, which are just clicks, but betray the reader’s trust. By under-promising and over-delivering, you create more engagement with the content and make it more likely that the reader will return to read another article later. It’s the long game vs. short game conundrum. You can make the numbers look good if you pretend not to care about your numbers a year from now.

Rule 4 – Understand that publishing is a product, not a campaign. In brief, the author makes the point that one of the keys to being successful in being more like a publisher is to treat it with more permanence and seriousness.

There are some great points here… Content is not enough. You can’t simply interrupt your way to success; you need a way to build an audience. Ensure your metrics are effectively measuring value creation. And publishing has serious merits, but the answer is bigger than publishing.

The Inherent Problems With Publishing

Yes, publishing is often superior to more basic forms of content marketing, but it’s not for everyone. Not every company has some amazing, inherently compelling story to tell, and not every company has the resources to continually deliver pieces of that story through carefully crafted content consistently over a long period of time. That’s a massive effort. Assuming publishing is a magic bullet ignores reality and ultimately falls victim to the same problems plaguing other iterations of content marketing: if it becomes well adopted, it’s very quickly going to become much more difficult to do effectively.

The audience’s attention is inherently limited, and while publishing tries to occupy more of that attention, it doesn’t solve the attention problem and it falls into the same trap as more “generic” forms of content marketing. It’s actually a natural response to the lack of supply of customer attention which follows basic economic principles: If the supply of something is limited and demand increases the result is an increasing cost. As more and more content competes for limited attention the “cost” of the customers’ attention increases, meaning you need higher quality content to obtain it. Treating content marketing more like publishing doesn’t change that fact, it simply throws more resources at the problem so higher quality content can be produced – a necessity to continue to compete for customers’ attention in an environment where it is in ever-increasing demand. It’s not like audiences couldn’t do things such as subscribe to blogs almost two decades ago, it’s simply that it takes a better content effort to grab and hold attention than it used to.

Should You Be a Publisher?

Publishing cannot be the answer for everyone. It is literally impossible for 100% of brands to be successful publishers because the audience does not have enough attention to go around. How can you tell if you should be a publisher? Answer these two questions:

  1. How interesting are you? Take a good honest look at your brand and figure out how interesting you are. Some have great stories to tell. Some do amazing things. Some would make highly impactful thought leaders. Others simply aren’t so captivating. If your brand simply isn’t all that interesting compared to others in your space, you might want to consider something else.
  2. Can you – and will you – sufficiently resource the effort? Putting out top-quality content on a regular basis is no easy job by itself, and publishing requires more than that. The amount of time and resources that will need to go into planning, editing, graphic design, etc., will be significantly greater. At the same time, publishing still won’t provide a short-term payoff. Do you have the resources and the necessary leadership buy-in to be a publisher?

The Real Focus

If you’re not in the upper echelon of brands with regards to your ability and willingness to be a publisher, all is not lost. After all, being a publisher is not the goal. The reason that taking on the role of publisher is being touted as superior to content marketing is because it’s more effective at delivering meaningful value to customers. That’s also the underlying reason why it better holds the audience’s attention. At the end of the day customers gravitate to value, and there’s a lot more ways to provide value than just being a publisher.

Shift your paradigm from thinking about content to developing actual resources that solve genuine customer problems. Ask yourself what problems customers are having that they might not pay for a solution to, but are readily solvable with a bit of time and effort. Analyze them, prioritize them, and solve the most critical ones that provide the best opportunity for long-term value creation and evolving the customer relationship beyond a transactional one.

Double down on customer experience. Make it easier, faster, and simpler for customers to obtain value from you. Look at some of the juggernauts of tech – Google, Facebook, Uber, Amazon – they didn’t get to where they are because of content marketing. Most of their content marketing efforts aren’t even on people’s radar. What they do is solve problems quickly and simply. You know what’s a great experience? When you can type a question and an answer appears, when you press a button and a cab simply shows up, or when you can instantly be connected to any of your friends. There’s are myriad examples out there, and while it may be easier to do in tech than in the life sciences, it’s certainly not impossible in any industry.

If you’re existing content marketing efforts are becoming less effective, one option is certainly to hunker down, take it more seriously, and spend the resources to become a highly effective publisher. But that’s expensive, difficult, and only delays the onset of many of the underlying problems plaguing content marketing. Publishing treats the symptoms, not the disease. Rid yourself of all paradigms but the one which relies on this one fundamental truth: customers will favor those brands which contribute the most value to their lives. Let that reality guide your actions and you’ll soon find your audiences flocking to you.

"Are you struggling to attract your target audience? Do you find you need to interrupt them to try to get their attention? Then it’s time to do something different. Shed all your old paradigms and focus on unique and differentiated ways to add genuine value to your audiences’ lives. Provide meaningful value to your customers, and they’ll provide value to you. It’s a virtuous cycle. Start yours."
Blog / Content Marketing / Customer Experience / Marketing Communications / Marketing Strategy 11:43 am , November 3, 2015

Content Is Not Enough

Carlton Hoyt 11:51 am , April 23, 2014

Photograph by Michael Nichols for National GeographicVery few things are immune to the law of diminishing returns. Content marketing is certainly not one of them. As content marketing has surged in the life sciences over the past few years, we’ve seen a very predictable trend: it’s become less effective. Customers are swarmed with efforts to grab their attention with low-value, shallow content. Given their inherently limited time, they can only be the “customer” of so much content. As with anything, if you have increasing demands for a limited resource (in this case, the customers’ attention) the cost goes up.

That’s exactly what we see happening with content marketing. The cost of getting your target market’s attention is increasing. It requires richer, denser, higher-value content. As the cost of scientists’ attention continues to increase, we are coming to a point where content, as it is traditionally defined, is no longer enough.

Content itself is not enough. Even relatively high-value content.

As the ever-growing tidal wave of content amasses and the demand for scientists’ attention increases, companies must begin to look for new, unique ways of creating value. After all, the purpose of content is not simply to be read, but to demonstrate or provide value in a manner which is untethered to the actual usage of a product or service (we call this “product-unrelated value“). Companies must move from delivering solely content to creating and delivering resources.

So what’s the difference between content and resources? Theoretically, content can certainly be viewed as a resource and in many cases resources may take the form of content in one way or another. They are both broad terms and they do overlap, so it’s important to distinguish between the concepts. The key difference is that content can address any question. Resources specifically ask: what are the needs of our target audience and how can we address them in a way that creates value for our brand? In doing so, they circumvent the problem of limited attention by addressing customer needs that would need to be dealt with anyway.

One of our favorite examples is the numerous protocols found in the New England Biolabs catalog. We’ve heard this valuable, long-standing resource referred to as the “molecular biology bible” and it has led to a steady stream of requests for their catalog for many years. This would be an example of a resource in the form of content, but there could be many resources which are not content. For example, digital tools can be resources. Andrew Alliance, a manufacturer of an automated pipetting robot, provides free software which easily creates pipetting protocols which can be readily edited, saved, shared, and viewed in order to help reduce errors in both protocol design and actual pipetting. This provides product-unrelated value (it doesn’t require any purchase or use of an Andrew robot) in a way that is still relevant to them (pipetting / liquid handling). There are certainly other examples as well, but not all that many. Life science companies have, as a whole, not yet become creative with regards to the resources that they provide to scientists.

As more companies become content developers and more content competes for scientists’ limited time and attention, the standards for content become much higher. While high-value content can still be very effective, a shift in thinking is required for companies to provide high-value resources which circumvent the problem of limited attention. The companies which successfully do so will be greatly rewarded in brand value.

"Stuck in the old paradigms of content, where white papers, blog posts, social media, and other “traditional” content forms dominate? If you’re looking to break free in order to stand out from the noise and generate lasting brand value, contact BioBM. Our life science content marketing expertise goes beyond traditions and tired paradigms, to more creative approaches for resource development which will act as longstanding value-added assets for your brand by being powerful creators of value for your audiences."
Blog / Content Marketing 11:51 am , April 23, 2014