Page 242 - (DK) The Business Book

240 UNDERSTANDING THE MARKET

MUSIC SPORTS VACATION LEISURE

Personalized marketing makes use of
information gathered from social media
and other platforms to create tailor-made
advertising. Consumer A is an active,
athletic individual, and would respond
to marketing that speaks to this lifestyle. Consumer A

Customer relationship marketing
makes use of historical data to produce
individual marketing. Consumer B is
an avid TV watcher; an online retailer
could make recommendations for DVDs
based on previous purchase history. Consumer B

Psychographic profiling allows
marketers to find common ground
among a diverse group of individuals.
A canny marketer aiming for consumers
A, B, and C could use their shared taste
in music as a way forward for a campaign. Consumer C

access to much of this information, useful in the 1990s with the increase (CEM), because it captures the
providing companies with copious in call centers. Management can customer’s immediate interaction
amounts of data for marketing divert calls from customer with the seller, whereas CRM uses
purposes. Software that tracks and service—or listen in—to learn what a customer’s history.
analyzes customer preferences via issues consumers may be having, The field of neuroscience has
their online and mobile activities what could be improved, and what taken the idea of customer
has enabled companies to engage problems they have that need to be understanding to the next level,
in what is called customer solved. Marketers have dubbed this advancing Drucker’s premise that
relationship marketing (CRM)— “customer experience management” businesses needed to drill down
using the data extracted about into the customer psyche and
customers and their preferences discover how decisions are made.
to sell more products and services Several studies by branding guru
to them. Amazon, for example, uses Martin Lindstrom have caused a
a customer’s shopping history to sensation by proposing that, no
recommend similar products and People are unlikely to know matter how consumers may answer
to show online browsers what other that they need a product in face-to-face research, the only
customers with the same interests which does not exist. way to know what subconsciously
have recently bought. motivates them to buy is to measure
John Harvey Jones
UK industrialist (1924–2008) changes to their brainwaves when
Real-time data exposed to certain images, sounds,
Telephone customer service sits at and smells. According to Peter
the other end of the spectrum from Drucker, “the main objective of
social media. Pioneered in the neuromarketing is decoding the
1980s, it began to prove even more process that take place in the