E = mc3 in the context of marketing

What is E = mc3

Everybody knows that E = mc2 was given by the famous scientist Albert Einstein long time back. Its time to rework and refresh this equation. What is next? So, I found an interesting analogy of his modified equation in marketing connecting to thw new age customers and brands.

E = MC3 can be referred to a new definition of marketing science. It stands for Enterprises must create or connect with the community of customers.

E = mc3 New Formula

Enterprises Must Create or Connect With a Community of Customers

It’s an era of networking. Our customers are already having networks of friends on Facebook, Instagram, linkedin, YouTube and other social networks. Harnessing the power of this customers network is the main strategy deployed by new age Digital Marketers and technology enable platforms such as WeChat, WhatsApp, Amazon, etc.

If you really want to make sense of your marketing, it is great to get into the Mindspace and network space of your customers. If they like your product, they are most likely to be recommending the same to their friends family. That is what we refer to, and measure in the most famous customer satisfaction formula and quote NPS - net promoter score.

The changing paradigm of new age Customer

Internet like Electricity has been a creator of a new industrial revolution, there is no doubt about that. More than brands and companies, customers are spending more time as connected consumer on internet. which gives immense possibilities to Brand to target them precisely based on their age, city, behaviour, device, web app, life events, and so many other parameters, which were never possible with TV, print and magazines. This became evident in the GroupM report, reporting and analysing global advertising spends in which purel play digital has already crossed 68% leaving behind all over media types. Let’s understand this change in customer: it’s interesting to know that the annual global advertising figures are in excess of $850 billion dollars.

Customers are co-creating products and services

Customers were earlier the passive targets by the brands and in the current scenario, they are part of the new product development ecosystem by providing feedback and reviews, solicited or unsolicited, and are co-creating the new products and services for leading successful brands, they are not mere passive targets by brands anymore.

Brands which focus upon small or micro segments, beyond large segments, are winning in the long run

Earlier brands were focused upon key specific segments, for years in every industry. Now the time has changed and start-ups are focusing upon niche and micro segments and also doing hyperlocal targeting so as to cover a particular small segment and address their leads very well because that might become a major segment in the future. When the brand managers of established brands work on segmentation, they generally tend to ignore the minor or small or micro segments. As for them. The focus is top three segments where they can make the maximum of the revenue and where other top three industry players are also focusing upon. This is a space where start-ups are entering and making their own space and growing that niche or micro segment. So the lesson for big brands from this insight would be that don’t ignore micro or small segments as they are bound to become bigger in future. If you will not address their needs, somebody else will come in and do the same and win the market.

Brands must focus on finding similar traits within their customers and build customer’s community or participate in an existing one

While teaching and building digital marketing strategy as a Professor of practice, I put a lot of emphasis on building and defining customer persona, mapping their customer journey and working upon a right framework like EPAMST framework of digital strategy by Ajay Chhabra, for building an effective digital marketing strategy. Once you have identified the characteristics of various personas, then you can figure out that what communities do they belong to or are inclined to. Getting into. The community of your customers is very important strategy as you can easily leverage upon the network of your customers, who are your future customers.

Each customer wants to be adressed personally, needs customized products and services, wants to be pitched individually and treated well

Earlier brands used to have similar pitch for all the customers from across segments. Now it’s a era of personalisation and each and every customer wants to be addressed personally, would want to look at a customised pitch / offer ; solution for him or her and definitely needs privileged and appreciate personalised treatment. Customers need to be pempered like a baby. In this new analogy brands have to act like (referred here as) parents and take care of needs of each of their children. (Referred here as Customer segments or individual customers). Let’s define this new marketing metaphor as.pampering based Marketing. Irrespective of how many kids you always have, you have to take care of each one of them equally.

Brands must take care of 360° view of each customer rather than each customer segment

It sounds difficult, but is the way to go. The marketing team’s dream at one point in time was to be able to map 360° view of a customer segment for effective marketing. Now this has changed to mapping the 360° view of individual customers. There are a lot of AI, CRM and marketing tools, which are helping you achieve this objective.

“E = mc3 New Formula - Enterprises Must Create or Connect With a Community of Customers” - Ajay Chhabra

Conclusion and What are the benefits of creating or participating in customers community?

There are a number of benefits in creating or participating in customer community. Some of these are as follows. It helps bring in the sense of belongingness. It becomes an alternative to customer support. It helps in increasing customer engagement. it also helps in getting customer insights regularly which helps in improving your product and service. You get access to the collective knowledge and insights of customers network. Based on the regular feedback coming from your customers and their network, your business is able to handle market dynamics very well, and it helps in thriving your business.

“Customers need to be pempered like a baby. In this new analogy brands have to act like (referred here as) parents and take care of needs of each of their children,(Referred here as Customer segments or individual customers). Let’s define this new marketing metaphor as.pampering based Marketing. Irrespective of how many kids you always have?You have to take care of each one of them equally.” - Ajay Chhabra

It also helps in increased visibility, Increased loyalty and social advocacy which you expect from your customers. When a satisfied customer post your product or service with his positive comment on his/her social media network, he/she is one of those brand ambassadors who have seen and experienced value in your product and is percolating down the same to its network. That is what a brand wants in the current context of media fragmentation where in spending big on TV, Print and magazines are not going to help brands as customers are not glued on to them. Customers are spread across hundreds and thousands of small media channels, which are practically impossible to market to by any brand for that matter, so creating this Social advocates by helping them in their community, is the way to go and that will redefine your success.

You can always keep on adding your product portfolio and move from one product. One customer company to multiple products and multiple customers based company. The right examples of this strategy companies are Paytm, WhatsApp, WeChat, Google, Alibaba and Amazon who kept on adding new products to the same of customers and kept on multiplying their revenues.

If you want to be seen in the world as the top 10 tech platform based companies, you have to change your mindset, adopt technology, build communities and serve them for the benefit of your brand and its survival in the long run. So the morale of the article is Enterprises Must Create or Connect With a Community of thier Customers and remeber and use this new formula E = mc3 invented by Ajay Chhabra. Mr Albert Einstein shall be happy while in heaven that somebody bothered to carry forward his torch of knowledge to the next level.

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