Upstream marketing is the process of preempting customer needs so that your business can develop innovative products that meet their needs. It differs from downstream marketing which involves advertising, promotions, trade shows, brand building and other activities to encourage customers to buy your products. Marketing upstream takes place long before all this and it involves identifying what it is that customers want.
It’s then a case of coming up with products and services that fulfill their needs. Therefore, if you’re not already using marketing upstream strategies, here are a few reasons to incorporate this into your eCommerce business.
Ecommerce businesses that take the time to discover customer needs and tailor their services and products to cater to these needs have a greater competitive advantage.
This is because they provide the solutions that customers need. As opposed to pushing products that may have no use to customers. The result is that customers will end up choosing your eCommerce store over those of competitors. This ultimately means greater profits for your business.
Creation Of Strong Brands
A strong brand increases revenue by up to 23%. Plus, 91% of customers say they would rather buy from an authentic brand. The first step towards building a strong brand is knowing what customers want. Then, coming up with strategies to deliver what they want.
Customers will consistently choose strong brands over those of competitors and make more purchases from these brands. Customers are also more likely to recommend strong brands to their friends. In addition, they could be more willing to pay premium prices for them.
Once your upstream marketing efforts show you what your customer needs are and create a brand that provides the solutions they need, you can then move on to strategies that will make your brand stronger.
Long Term Growth
Upstream marketing involves conducting research to determine customer needs and create products and services that will serve them long term. In addition, it means coming up with innovative solutions on a regular basis in order to maintain your competitive edge.
Marketers have to conduct market segmentation, look at how end users are responding to the products and come up with strategies that will give their business a competitive advantage.
To ensure success, they have to plan for the long term. This means combining both upstream and downstream strategies for maximum success.
Greater Organic Growth
Organic growth is the process by which businesses expand and develop. It’s measured in terms of customer base, new products introduced, an increase in the number of sales units and other activities that directly impact revenue generation.
Upstream marketing leads to organic growth due to the fact that managers and owners determine how much they want to produce and sell at the beginning of a cycle in order to make maximum profits.
It also involves tweaking products, services and marketing strategies to ensure customer satisfaction, brand loyalty and to retain a competitive edge.
Final Thoughts On Marketing Upstream
Upstream marketing efforts can have a great impact on your eCommerce business. This can lead to increased brand loyalty, greater organic growth, long term success and a competitive edge.
Your eCommerce marketing efforts should find out what customers need. You then need to develop solutions that meet these needs. Plus, you should ensure constant innovation to beat the competition.
By integrating upstream marketing into your business processes you can ensure consistent growth, maximum profits and brand loyalty for years to come.