What Really is Customer Experience?

Finally started my own podcast after contemplating it for a long time. I hope to add value to everyone that listens to it. My fist conversation is with Jake Sorofman, VP of Research at Gartner. Hope you enjoy it! This is my first one so it can only get better from here.

We talk about Customer Experience and Why You Should Care!

Marketing Leaders Podcast (2)

 

 

Are you taking the stairs?

Came across this on my phone while I was on the Zedge app looking for backgrounds for my iPhone. Loved it:

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“There is No Elevator to Success. You have to Take the Stairs” 

Nothing can beat hard work, hustle and long term thinking. Pretty much in anything in life. These days with social media many people think its easy and it happens overnight. It doesn’t, nothing does.

You have to take the STAIRS!

Manpreet Jassal

@mjassal

(Thank you Seth Godin!)

 

The 4 A’s, C’s, E’s and P’s of #DigitalMarketing

Anyone that first formally started learning about marketing is familiar with the 4 P’s. Edmund Jerome McCarthy introduced the Marketing Mix which we now know as the 4 P’s. Professor Philip Kotler (who I love) popularized the 4 P’s even more in his 1967 book called The Principles of Marketing, which is now in its 16th edition. Here are the the famous 4 P’s:

Productitem that satisfies what a consumer demands

Price amount a customer pays for the product

Placedistribution of the product

Promotionmethods of communication that a marketer may use to provide information to different parties about the product

But now marketing is going through a paradigm shift and some are calling for these to be reinvented and change part of the mainstream thought process mix. Jagdish Sheth, Professor of Marketing in the Goizueta Business School at Emory University, wrote in 2011 a book titled “The 4 A’s of Marketing: Creating Value for Customer, Company and Society.” Robert F. Lauterborn, Professor of Advertising in the School of Journalism and Mass Communication at University of North Carolina wrote in 1990 about the 4 C’s of Marketing. Brian Fetherstonhaugh, Chairman and CEO, OgilvyOne Worldwide wrote in 2009 about the 4 E’s of Marketing.

Here is my breakdown of the A’s, C’s, E’s and P’s:

Acceptability—>Consumer—>Experience—>Product

Affordability—>Costs—>Everyplace—>Place

Accessibility—>Convenience—>Exchange—>Price

Awareness—>Communication—>Evangelism—>Promotion

The 4 A’s: Acceptability, Affordability, Accessibility and Awareness. According to Professor Sheth, “the 4A framework derives from a customer-value perspective based on the four distinct roles that customers play in the market: seekers, selectors, payers and users.”

The 4 C’s: Consumer, Costs, Convenience, and Communication. According to Professor Lauterborn, you have to start studying Consumer wants and needs, understanding their Cost to satisfy that want or need, thinking about Convenience to buy and communication that creates a dialogue.

The 4 E’s: Experience, Everyplace, Exchange, and Evangelism. According to Fetherstonhaugh, you have to stop thinking just about your product and start thinking about the full Experience, intercept consumers on their turf and on their terms, and that could be anyplace or Everyplace, offer your consumers something valuable in Exchange for their attention, their engagement and their permission, all to inspire your customers in becoming Evangelists for your brand.

All of these mixes have one thing in common: Creating “Value” by looking at marketing through the lens of the Customer.

I am sure there are more 4 letter marketing mixes out there but I really liked these because they are customer-centric. The 4 P’s for me stand as the foundation of any effective marketing campaign. Realizing we do have to speak the in the language of the customer I think the 4 A’s C’s and E’s are a great way for the modern marketer to get started in a world where demand for inbound/content marketing is increasing to provide a valuable customer experience.

Originally posted on LinkedIn on March 16, 2015.  

Manpreet Jassal

@mjassal

Mark Twain for everyone!

I love Mark Twain.

There are so many quotes by him all over the internet but this one really resonated with me.  When you actually find out why, your life changes instantly.

@mjassal

why Marketing matters all the Time! (Apple vs @SamsungMobile)

I wanted to get back to my roots and write about marketing today. So everyone knows by now that Apple came out with a new phone called “iphone 6” and a payment system called “Apple Pay”. Fanboys love it and all Android users say its lame. One of my friends on facebook posted this image:

iphone vs samsung

So this is where marketing comes to play and why it matters all the time.  Yes, the Android might have all the features in 2012 what the iphone 6 now has in 2014. So I am here to tell you all of that stuff doesn’t matter. It’s all about marketing.  Marketing is NOT a product features game (like the list in the image). If it was so many companies would be out of business right now.

MARKETING is all about conveying the FEELING of your product. That’s why beer commercials don’t tell you whats in the beer, they just show everyone having a great time with the hottest girls. Apple makes sure they point out all of their features but they also make sure that you know this is going to change your life forever. (It might not, but it just might)

Also, Apple has BRAND equity and a lifestyle attached to it. Samsung makes phones, tv’s, refrigerators, watches, laptops, speakers, cameras, washers, dryers, etc. A brand that has these many line extensions will not succeed in the cell phone war for the long term. They might do well but they will never surpass Apple in brand equity. I am not saying anything new here, this is just marketing 101. This is why amazon’s phone did not work.

Think about branding and culture, Tim Cook, Steve Jobs, Woz, “geniuses” are synonymous with Apple. Who does Samsung have?

Manpreet Jassal

@MJASSAL

Which is a better investment: Real Estate vs. Stocks

What is a better investment, buying real estate or investing in stocks?  

I grew up in a family and culture where getting a house is the best thing you can do for yourself. I used to think that to until recently. I decided to crunch the numbers on this and share with you what I learned. I live in NY so I will be using NY real estate numbers. I used calculators from mortgagecalculator.org and bankrate.com (which I think are the best ones out there).  Lets start with the house.

House – $500,000

20% Down payment: 100,000

Interest rate:  4.25% (25 yr loan)

Loan: $400,000

Monthly Payment: $2,687.79

Total Interest Paid: $250,085.72

Total Tax Paid: $156,250.00 (1.25%)

Total cost after 25 yrs of owning a house: $806,335 + $100,000 (down payment) = $906,335

Remember this is just straight cost of the house with no maintenance, repairs, etc. Now you fully own your house and it just kept up with inflation or maybe not. You have to ask yourself house worth $906k after all of this time? Depends on the housing market at that time. Now lets take a look at putting your money in the S&P 500 index fund. I will be using the same numbers.

Vanguard S&P 500 index fund – $100,000

Compound interest rate: 11% (since 1976 this is what the fund has returned, on vanguard.com)

Total Expense ratio: .05% (very very low cost and low turnover)

Total fund value after 25 yrs: $1,342,666 

Now lets say that you start with $100,000 and put in only $600 a month. If you think 11% is too high I have showed you other %’s as well.

At 11%: you will have: $2,272,937

At 10%: you will have: $1,862,379

At 9%: you will have: $1,527,040

At 8%: you will have: $1,253,319

At 7%: you will have: $1,030,013

At 6%: you will have: $847,913

At 5%: you will have: $699,452.

This is how much cash you will have that is liquid at your disposal. There is a big difference here of about 400k and that is just stopping at 25 yrs. If you let your investment grow and live after 25 yrs without putting a dime into it it will skyrocket.  If you left it in for just another 5 years your total in the index fund will be $2,255,139. I highly doubt the house will be worth that much. That said, I do think buying a house at the right price is great since its yours forever and you can leverage it as well for a loan, etc. But as an investment it does not compare to the value of stocks at all. If you want to invest in real estate without being a landlord because you think its better than stocks you can just invest in a REIT index fund. Remember, all these numbers are just math not an opinion! 

Image

Manpreet Jassal

@mjassal

Marketing with Peter Drucker

I was listening to Jack Trout this weekend and he quoted Peter Drucker ( who is hailed by BusinessWeek as “the man who invented management”)

I really liked what he said and I am a little bias since I am a marketer but its true.  Right now marketing and innovation seems to be number 5 or 6 right after sales, finance, production, and technology.  I hope organizations start realizing this simple concept once again.

“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”

– Peter Drucker

Peter_Drucker_Coach_Library_TV1

 

Manpreet Jassal

@MJASSAL

What is an “inverse paranoid”?

20131121-193012.jpg

Reading Jack Canfield’s “The Success Principles” again. Came across the famous William Clement Stone (May 4, 1902 – September 3, 2002). He was a businessman, philanthropist and New Thought self-help book author. I think he had one of the best new thought I have read this year.

Here is an excerpt from Jack Canfield’s book:

“My earliest mentor, W. Clement Stone, was once described as an inverse paranoid. Instead of believing the world was plotting to do him harm, he chose to believe the world was plotting to do him good. Instead of seeing every difficult or challenging event as a negative, he saw it for what it could be something that was meant to enrich him, empower him, or advance his causes.

What an incredibly positive belief!

Imagine how much easier it would be to succeed in life if you were constantly expecting the world to support you and bring you opportunity.

Successful people do just that.”

Don’t you love this? I do!

Manpreet Jassal
@Mjassal

First time visit was an education and scam from @PowerHRG

I will try to keep this as short as possible.  I wanted to see if I needed a new roof after Sandy, luckily Power HRG (based in Melville, NY) was door knocking trying to solicit business. They knocked on my door and I made an appt for someone to come that night. 

They came about 30 mins early which I didnt mind, sat down and asked me some questions about my house. I told them everything, the guy then showed me videos, educating me on how roofers work.  I really liked being educated. He took me outside and measured the roof himself. I also told him I am thinking of replacing some windows as well.  He went back into his car and got some window products to show me and make me realize why they have the best windows in the world. By the way, he was in my house for 4 hours. I gave hints that I was busy but he still did his thing.

Here comes the (marketing) scam.  He basically created the estimates for the roof and windows separately and then told me his First Time Visit price. If I sign up and do my roof right now it will cost me 15k, if he has to come back it will cost 17k. You gotta be kidding me!! I mean really, 2k more for calling you back to sign up.  Of course this was a MAJOR turn off. He then told me his UPS analogy and how if UPS has to come to the house several times to get a package signed it costs the company a lot of money, so if he had to do the same it costs money. Sounded like a bunch of BS to me. I mean, how am I suppose to compare prices with anyone else? Talk about high pressure sales in your own house. 

Now as a marketer I know the whole shtick but the analogy does not make sense to me since I am the buyer. If I order something and UPS ships it, if they have to come to my house several times, I do not care since I am the buyer.  It costs the same to me either way!  UPS is showing their exceptional customer service and commitment to getting the goods delivered.  After that I thought I am not doing business with Power HRG, I just didn’t like their attitude towards potential customers.  It wasn’t the sales guys fault, he was just doing what he was trained to do, but the training he received was disappointing. 

Moral: Get your marketing story right and give exceptional customer service because that is what will take your from good to great!