Several powerful forces are converging to fundamentally alter the landscape of marketing. These same forces when applied creatively can be used to differentiate businesses and establish competitive motes across many industries.
With the ubiquity of the Internet and social networks, the power customers have to personally impact a business is clearer than ever. Through a simple post, tweet or text, customers can share their experiences and opinions with their relationships — a hyper-personal network. The feedback that they publicly share is branding for companies — both positive and negative.
A related and emerging trend in marketing with massive strategic implications is the positive shift in what I call the net value per connection or “NVC.” Simply put, NVC is the value created from positive connections minus the cost to establish them. Few would argue that establishing deep connections with customers and employees drives loyalty, referral traffic, and an effective marketing tool for any successful business. What is changing is the declining cost to develop these relationships compared to the increasing benefit due to the network effect. This economic shift is enabling companies to implement highly tailored digital initiatives including personalized targeting, marketing, feedback, response, and chat solutions. In essence, the positive NVC era is fueling the era of hyper-local marketing.
Managing and utilizing this power to create deep customer and employee connections via low cost technologies will help companies better market themselves. It also creates unique strategies to solidify key partnerships in the process.
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