By Teresa Vise
North Jefferson News
The new economy requires us to think differently — to anticipate, react to and exploit business opportunities at lightning speed. Accord-ing to Myriad Market-ing Inc., you can't afford to leave marketing successes to chance. To that end, companies are working to develop and evolve a powerful customer-centric solution for the digital age called Closed Loop Marketing. Its strength is predicting and fulfilling customer needs while accurately measuring the return on investment of marketing. Ultimately the goal is to assess and quantify the effect marketing efforts have on sales in a feedback loop of information enhancement.
Closed Loop Transfer Theory in mathematics is the birthplace of this idea and enables the driver to control the outcome: The tighter the system, the more predictable the outcome.
The Closed Loop Marketing approach measures the results of marketing and communication initiatives by tracking the response of targeted groups. The results of responses, such as completed surveys, promotional entries, coupon redemptions and purchase behavior, are added to a database for tracking and evaluation to improve future marketing decisions.
Real time feedback of likes and dislikes by the customer can be entered in to the marketing plan, and immediately considered for improvement. Marketing campaigns can then continuously adapt to the customers’ wants and needs, creating a true relationship. Simply put: It allows marketers to develop, and monitor highly targeted strategic campaigns based on a wide variety of customer histories and behaviors.
When it works, ultimately there will be a higher level of delivered information that will continuously evolve to a higher level of product understanding and utilization.
Think about Netflix and Roku for your television. As you view movies and shows, the system uses a type of artificial intelligence to recommend other items that you may like to view. If the system gets it right, you keep paying your monthly fee. If the system gets it wrong, you get tired of the same old offering and move on to Direct TV, or Red Box or some other form of entertainment.
This style of messaging and conversation enhancement is finding use in a variety of industries, and may be coming to an industry near you soon. The pharmaceutical industry is embracing this method of messaging at a very high level as it works to recreate value in the physician office.
Look out sales reps! Just when you thought you had mastered the spreadsheet and PowerPoint, now you have electronic messaging systems, and detail aids that time signature and learns from every conversation.
Fear not, there is a place for this type of change. Keep in mind that we all learn in different and evolving ways and that includes our customers. The caution is to keep the end result in mind, and ensure that once the novelty of electronic detailing with a real person and a computer and a customer wears off, we still have a message that is worth giving a listen.
Take care of your customers, or someone else will.
You can find additional readings on Teresa’s blog at http://businessadvise4u.blogspot.com . Teresa works for Sanofi-Aventis Pharmaceuticals and supports the Fultondale Chamber of Commerce. The Fultondale Chamber will meet in March with the date to be announced. You can join the chamber by calling 337-1629 or email to visemedical@