Description
Book SynopsisPorsches for soccer moms? Patagonia vests for finance bros? Crocs for trendsetters? Weight Watchers for wellness? What happens when growing your brand requires serving new customers with different wants and needs than your current customers?You always want to grow your brand, but there's a dilemma: The more customer segments you target and serve, the harder it becomes to manage their diverse preferences and behaviors. Sometimes, you do such a good job building a loyal customer base that attempts to attract other customers feels like a betrayal to your core audience. Other times, a new segment adopts your products without your courting, and it creates tension with existing customers in the form of disagreement over how the brand should be used, what it stands for, and who it should serve. In these instances, the growth of one customer segment within your brand threatens to drive away your current customers. Welcome to the conflict zone, where brands must navigate incompatibilities between customer segments to achieve growth, or risk losing more customers than they gain. How did Supreme's attempts to crossover into fashion cost the brand its coveted reputation among skateboarders? How did Apple lose one of its most devoted customer bases when it updated a piece of software? What did Tiffany do when its silver jewelry became too popular with teenagers?Marketing experts and professors Annie Wilson and Ryan Hamilton answer these questions, and through dozens more cases provide insight into how brands can drive growth by attracting new segments without alienating or losing their current customers. They also explore how brands can more strategically select and manage customer segments to drive high velocity growth and symbiotic segment relationships. With a fresh, simple framework for driving sustainable brand growth, Wilson and Hamilton introduce the novel, and essential discipline of Segment Relationship Management (SRM), to show you how to better manage your marketing mix for different customer segments, and to recognize when inviting a new customer segment into the fold might cause a riff. Here you'll find a better way to strategically select new target markets and evaluate, monitor, and manage multiple customer segments to acquire, retain, and delight customers. The Growth Dilemma is your roadmap to brand growth.
