One-to-one marketing, also articulated as 1:1 marketing, may seem like a new idea because of its current popularity among marketing circles, but it has actually been around for some time. The concept is fairly basic: a customer relationship management (CRM) strategy emphasizing a company’s personalized interactions with its customers. However, with technology advancing capabilities for gathering data on and interacting with customers, 1:1 marketing has experienced a recent revival.
A successful one-to-one marketing strategy relies on effectively learning the choices and preferences of individual customers, then tailoring marketing outreach to each customer based on that information. One-to-one marketing is a tactic used, not to capture the attention of prospects, but to preserve the business of current customers and strengthen customer loyalty.
There are some very real and attractive benefits to one-to-one marketing, including the opportunity to exponentially increase the value of your customer base, but the mechanics of implementation are complex. In order to perform 1:1 marketing, your shop has to be equip to identify, track, and interact with individual customers, and then reconfigure your marketing tactics to meet that customer’s needs. This requires a strong and agile marketing operation supplemented by a comprehensive plan in order to function properly.
As a first step towards implementing one-to-one marketing at your company, read below to brush up on some of the most common terms associated with this strategy.
Aggressive Exporter: An organization that develops clear marketing strategies for its intentions in foreign markets.
Application Service Provider: A provider of applications and application services that are distributed through a network to many customers in exchange for a pipeline of smaller payments as opposed to one upfront fixed price.
B2B: A business that sells products/services to other businesses.
B2C: A business that sells products/services to individual consumers.
Buzzword: A trendy word that is used to capture attention.
Call to Action (CTA): The part of a marketing communication that tries to motivate a prospect or customer to perform a desired action.
Conversion Rate: The percentage of website visitors who perform a desired action.
Customer Segmentation: The practice of dividing a customer base into groups based on specific commonalities relevant to marketing, such as age, gender, interests, spending habits, etc.
Customization: A strategy where a company gives the individual customer the ability to customize a product or service based on their own tastes.
Disintermediation: The removal of intermediaries in the supply chain; also referred to as “cutting out the middleman.”
Ezine: An electronic magazine, delivered to customers and/or prospects through a website or an email.
Growth Hacker: A person his true north is growth. Growth hacker isn’t actually marketer.
Guerilla Marketing: Innovative and unconventional marketing intended to gain maximum exposure using minimal resources.
First-mover Advantage: An oftentimes unbeatable advantage gained by the first important company to move into a new market.
Freemium: A technique where a business offers a free basic product, giving the customer an option to upgrade to an advanced version for a fee.
Inbound Marketing: A marketing model where sales performance relies on the initiative of its client base to find and purchase a product.
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Interactive Agency: An agency offering a mix of web design and development, Internet advertising and marketing, and/or e-Business and e-Commerce consulting.
Marketing Automation: The use of software to automate repetitive tasks related to marketing activities and connect different parts of the marketing funnel.
Marketing Plan: The part of the business plan discussing the marketing strategy for a product or service.
Network Effect: A cyclical phenomenon whereby a service becomes more valuable as more people use it, thereby encouraging more new users which in turn make the service more valuable, and so on.
Pass-along Rate: The percentage of people who forward a message or file to others.
Permission Marketing: Marketing centered around obtaining customer consent to receive information from a company.
Personalization: A strategy where a company learns the personal preferences of each consumer and customizes its marketing plan to them. Amazon.com is well-known for their use of this strategy, where the website recommends products based on a customer’s past purchases and interests.
Return on Investment (ROI): The ratio of profits or losses to the amount invested.
Sig File: A short block of text at the end of a message identifying the sender and providing additional information about them.
Viral Marketing: A marketing phenomenon that facilitates, encourages, and feeds of of people passing along a piece of marketing content.
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