Welcome to Institute of Customer Studies!
We strive to ensure that your visit to our Institute’s portal adds value. Institute of Customer Studies is a fully research oriented institute specialized in providing valuable information about customer studies.
Our Institute looks at marketing from a wide perspective. We focus on providing information on defining target markets of suspects through extensive research and experience. ICS offers strategic solutions in turning suspects into prospects who ultimately become business customers. Our philosophy of ‘who is a customer?’ is beyond confining them to refer as simple buyers of goods or services. The information we provide will help organizations to screen their customer base to identify the most profitable customers known as advocate.
Marketing managers’ primary question is who the most profitable segment to target is and as such via marketing strategy they decide the target market. Out of each segment or target market the marketer then will have create a pool of suspects, who basically fulfill the characteristics of potential customers. Through marketing and sales activities marketers then qualify the suspects to know if they are prospects to become customers. Therefore, prospects are the suspects who fulfill the criterion to do business with your company or with you.
What are the qualification tools to use to move the suspect to prospect? There are many tools. However, we use MNATC, which refers to M-money or budgets and this means that the suspect must have the financial capacity to purchase the product or Service. N-need, which means that the suspect must have the need to purchase the product or service. A-authority, which means that the ability of the suspect to decide on the purchase of product or service or be part of the decision making unit (DMU). T-time refers to how soon do the suspect needs the product or service and this helps the sales person to forecast the sales by number of days and generate reports for management. C-competition, this refers to competing products or services the suspect is considering. This helps the sales person to position the product or service properly.
Thus, if the suspects fulfill the requirements put by the organization such as MNATC then it becomes prospect.
During the sales process called SPADE, which stands for Suspect, Prospect, Attempt, Develop and End, we take a suspect and move him or her into a prospect and then we end the process either by closing a sale and therefore ending with a new customer or getting a negative response and then starting the process from start again.
Like everything else, customers have a Life Cycle. Understanding Customer Life Cycle is essential for marketers to implement the Marketing and Customer Management Model.
The customer life cycle passes four stages from a marketing point of view. At each stage, marketer plays some roles that move suspect into the customer base. The large square in the figure above represents a business. The green person outside the square (Business) on the left is a suspect. The marketing function starts with product awareness which involves letting them know that you exist. Once this is successfully carried out, customer will now consider the product in their brand consideration. This means whenever a customer thinks of a product your brand also comes to their mind among others. Marketing needs to go step beyond to make your brand as their preferred brand.
The marketing phase ends for a particular customer once brand preference is created. With brand preference, he moves to sales stage with a purpose intention. The prospect becomes an actual customer when he purchases the product/service. Upon making a purchase order, he completes the first step in Service Delivery. The details about the customer and the order will then be updated in CRM database. If the customer is satisfied at all the four stages, he buys again and becomes an advocate who encourages others to buy as well. However, if he is not happy with business way of dealing with him, he will be dissatisfied and run away.
This is how we look at customers. If your are interested in discovering further, please navigate through the pages of this portal and more information is on your way.