“What Customers Want” by Prof Dr. Martin Fassnacht from the WHU – Otto Beisheim School of Management, Germany at the Max Mueller Bhavan
The IGCC along with the German Consulate, Bangalore and Max Mueller Bhavan graced the presence of the voracious marketing enthusiast Prof Dr. Martin Fassnacht, professor at the WHU- Otto Beisheim School of Management, Germany on Friday, 18th March 2016. It was a privilege to be a part of Dr. Fassnacht’s talk on ‘What Customers Want’ as he gave the audience an insight to the current trends and strategies concurring to the exponential change in digital marketing and E- Commerce.
According to Dr. Fassnacht, profit solely depends on the revenue as opposed to the myth of ‘profit entirely depends on cost’ as finance is the outcome of innovation, marketing and sales.
“The goal is to satisfy the customers in a profitable way by not just selling to them but by making the product/service come alive” he says. In the digital era pre and post purchase data is valuable and uber cabs use this process to spruce up their services by collecting reviews from both, the cab driver and user, post their ride. Today, when complaints are lodged against a company, they must act immediately as customers interact with other customers over social media and have the power to demarcate a company’s image.
A customer’s association towards a brand must be of high regard or else you lose them. For example, a customer associates terms such as quality, liability and trustworthiness towards BMW as it is a German company.
Importantly, all customers cannot be satisfied as different people have different preferences. Hence, every company ought to strategize to mark themselves different from their competitors, he says. Germans believe in selling products and services as a whole and not individually, they follow the FESS approach i.e., Functional, Emotional, Symbolic and Social performance component.
Dr. Fassnacht concluded stating that American companies pay more heed to marketing, thereby resulting in higher return of sales which left the audience with some food for thought on whether the Indian system must also draw their attention to investing more time and money in marketing to increase their profit margins.