“Create, Communicate and Deliver Value to a Target market at a Profit.”
Marketing begins with the customer. And the mantra above is all about customers and the value that they feel from their experience with your brand.
Create value for customer
This is about product management. You have to come up with a product or service that is one of a kind in the eyes of your customers. These days, however, your designers and engineers are not the only resource that you can turn to for coming up with a new and innovative product.
In this era of open innovation, more and more customers or raving fans of your product are chipping in to define the next big thing. Take Procter & Gamble for instance. When the consumer goods giant wanted to develop Pringles Print, they searched the web to find a professor-turned-baker in Italy who had already done it for his pizza and cookies.
Communicate value to customer
Communication is about the business of brand management. Customers love to identify with your brand if they really like it. Harley lovers even tattoo the logo on their skin!
What is your brand promise? Do you really deliver on that promise through actual customer experience? Is your business differentiated? Are you the best? What are your unique selling points?
Deliver value to customer
Value delivery is about customer management. Do you know who your customers are? Do you understand their pains, needs, and wants? Can you deliver value to fulfill the wishes of your customers?
In order for your marketing activities to be successful, you need to master these three businesses: Creation, Communication, and Delivery of Value (CCDV)–product management, brand management, and customer management.
This is the gist of Dr. Philip Kotler’s marketing mantra: CCDVTP.