For the first three weeks of Commerce 296 – Marketing, we’ve placed great emphasis in class discussions on the concept of companies creating value for their customers. How do they do this? Well, as described on Drew’s Marketing Minute its all about the “know, like, trust” model, illustrating the importance of consistency in creating trust, subsequently leading to an increase in sales. Consistency is core to a successful company, as when you develop a relationship with a new customer, they develop expectations and require the same degree of quality in every transaction with your company. Although it is important for a company to stay innovated and create market methods to attract new customers, existing customers choose your company over others because it provides them with a product they like and is consistent.
One blog featured on Drew’s Marketing Minute, asks the question “How are you building your marketing foundation?” which is a crucial question companies need to think about when creating and implementing their marketing strategy. What products are they offering? How will these products attract and retain customers? As described in the post, trust is key. If a customer has trust in a company, they will continue to come back and maintain this sense of loyalty. How can companies build this trust? By maintaining consistency in their products and services, which is more than likely the reason why consumers choose their product over competitors.
Creating value for your customers is one of the most important elements in a successful company. Customers want consistency in a products quality. By ensuring this consistency a company can create value for themselves and eventually develop long-term customer relationship.
