We've all heard about B2B and B2C. But what about M2P?
If you've visited a coffee shop and they ask if you are a member of their rewards programme, they're practising a strategy known as Marketing to People. If you go to a supermarket and they ask if you are a member of their points club, that's M2P.
Why is everyone doing this now? Marketers want to know who you are so they can market to you more precisely. If they can identify your taste, preference, and interests, they can tailor their offers to you and give you discounts and benefits for continuing to come to their business.
Marketing to People
If you run a small business, you can use this same principle. This means treating each customer as an individual and not just as part of a mass market. When you start to market to businesses or individuals, begin by thinking of how you can serve each person specifically and how you can keep them abreast of what you’re doing.
Better yet, find ways to make them aware of the advantages and benefits you are providing to their colleagues who are doing business with you. If you do not already have a business relationship, this may inspire them to form one - so that they are not missing out.
Reward-based marketing
Think of how you can reward your prospective customers for doing business with you. You don't have to have a big loyalty program or reward programme, and you don't have to offer any kind of electronic card. You simply have to treat each sale uniquely and think of the most effective ways to reward customers and entice them to return. It could be a personalised special offer, some additional free advice or simple a personal thank-you from the business owner.
Data analytics
When you look at data, it tells a story. If you know what the signals are for purchasing behaviour - the things which your customers do on your website before and in between purchases - you can predict your site visitors' behaviours in advance and entice them to buy. It is worth investing time to track your website analytics to see a clearer picture.
Key account
A key account is a high priority person that you're targeting. They may not yet be a customer, but you are hoping to build a relationship with them, turn them into a customer, and ultimately encourage them to buy more from you. Essential account marketing involves treating your customers and your prospects as individuals. If you do this, you're going to see a big difference in the success of your marketing.