Building Value For The Customer
Customer expectations are increasing but customer loyalty is declining, Jain said. "Marketing means educating your customers about the value of your offering. It's education of the customer." Customers are much more demanding in their spending choices due to the multitude of options and easy access to information about brands. In turn, companies are pressured to be more aggressive in attracting customers to their brand. That competitiveness shouldn't take the form of a reduced price, but in being smart with the differentiation of the product or service and maintaining that competitive edge, Jain said.