A Celebration Of Customer Heterogeneity
Customer Centricity Found in Markethive’s System
Markethive friends are very similar to friends with other social networks being more interested in “likes” and other social type activities. They have no collaboration relationship with you. They have a very low attention value and like the others, engagement is virtually non-existent. However, like the other social networks, aggressive messaging and publishing can acquire a few of these members into a group or redirect them to a capture page, but doing so is often more expensive than it’s worth.
Markethive is an inbound marketing platform complete with cutting edge autoresponders and capture pages. These systems produce good leads. This means a higher attention value and engagement is likely. It is also very likely they will progress into a Markethive subscription. If you have upgraded to the Entrepreneur’s 8 point platform, they will become your “associate” a superior connection to anything out there.
Associates become your loyal connections; these folks will engage, collaborate and stick with you indefinitely. As an Entrepreneur upgrade, these $200 connections earn you an equal coin drop as high as 500 coins per. Whereas an Entrepreneur upgrade and a reasonable ad campaign can easily produce a profit in excess of $40,000 and an exclusive lead database worth over $600K within one year. Not to mention the millions in MHV coin.
The differences between distinct kinds of customers are something to celebrate. By breaking your customers into meaningful groups, you can obtain great data about the kinds of customers you really want to attract. Why focus on a hypothetical average when you can focus on a real-world, high-value customer segment? As an example, here is how it breaks down with Markethive.
What Does It Mean to Be Customer Centric
Being customer centric is often confused with being customer focused – but the reality is, there’s a big difference. Being customer focused means offering a consistently great and relevant experience. It’s an underlying principle that basically urges companies to treat their customers right.
Being customer-centric means looking at a customer’s lifetime value and focusing marketing efforts squarely on that real-world, high-value customer segment to drive profit.
Marketing leaders who don’t know how much their customers are worth.
Potential increase in sales from identifying and maximizing top value customers.
Gold Medal Acquisition
Creating the next big thing isn’t as important as finding the next big customer. Every dollar spent acquiring these customers will return that value many times over.
Silver Medal Development
Development is about the great American question: “Do we want fries with that?” Getting more value from an existing customer is good, but extremely difficult.
Bronze Medal Retention
Even if you do retain “Friends,” they’re not worth very much. There’s no real value in spending more time or money to engage them. Instead, spend that money on acquiring more “Markethive Associates.”
Most of your connections and leads aren’t that valuable.
There is no “average” connection or lead, and most of your customers or connections end up not being very profitable. Building a business around them just doesn’t make sense when you could be focusing on your best customers.
Customer Centricity is
- Using customer data to better understand and segment your connections base
- Identifying the best customers and connections
- Focusing on products and services for the best connections and customers
- Using Connections Lifetime Value (CLV) to segment your customers
- Focusing on the “average” customer
- Courting and retaining low-quality customers
- Underspending on acquiring high-quality customers
How to Become Customer Centric
Throw Conventional Marketing Wisdom out the Window
It made sense in a product-centric world to distinguish between profitable customers and not-so-profitable customers. Times have changed.
Use Data to Your Advantage
A profitable, customer-centric strategy is about how, where, and when you acquire instantly actionable learnings about your customers.
Build Your Business Around the Best Customers
Come up with products and services to make your best customers even better.
While running a startup, a question that constantly hovers around the entire founding team is what will make the company successful. Well, opinions are vast and varied, but data talks. So here, based on an analysis published last year by a venture capital firm First Round Capital, we have listed some of the factors that weigh out most of the speculated ones.
The following infographic illustrates the percentage of founding teams, with these attributes, that perform above average.
How do you decide which customer or connection is your most profitable? For recurring revenue business versus potential revenue business, that signals a major opportunity divide. With the hybrid combination of market networks further blurring occurs, it is no longer a separation of platforms where connections and friends are related to social networks and customers, and leads come only via commerce platforms like eBay and Amazon.
When PayPal paid you $10 for each new PayPal signup, did that new member become your lead, customer, connection or friend? PayPal eventually stopped the promotion and that connection was never made available to you. But PayPal was unwittingly a trendsetter.
First Market Network On Blockchain – Disruptive?
Today Markethive is disrupting this conventional perspective as Markethive is clearly merging all of these vertical classifications. When a new member signs up via your Entrepreneur upgraded profile page, it produces a valued lead rated at about $200 because of the exclusivity and rich data it produces.
It also represents a revenue return because of the nature of the consumer coin (MHV), financial velocity, faucets, airdrops, and Markethive’s exclusive integrated commerce platforms, thus extending the projected customer lifetime value beyond 10 years with the cost of acquisition averaging under $1 with the airdrop offer and SaaS inbound marketing worth over $2,000 per month for free for life.
Markethive, built on the blockchain, offers complete autonomy, privacy, and transparency with freedom of speech paramount and woven into the fabric of what Markethive stands for. Markethive is the ecosystem for entrepreneurs. As such MH offers many services, upgrades, and commerce platforms. Loyalty programs share with you Markethive net revenues via your upgraded “associates”.
This entire ecosystem turns every member, every connection into long-term customers.
Today’s customer brings their requirements to the organization and becomes an integral part of that organization. In a true, collaborative relationship, all parties reciprocate. It is not just about an exchange of money in return for a good or service anymore. It has become a symbiotic relationship which becomes integrated with the flow of the system, a part of the ecosystem, contributing to the financial velocity of that ecosystem, “The Entrepreneur’s Ecosystem”.
Deb is the market manager for Markethive, a global market network, and writer for the crypto/blockchain industry. Also a strong advocate for technology, progress, and freedom of speech. She embraces “change” with a passion and her purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals.