Unlocking Marketing Success: Leveraging the 3Cs to Stand Out in a Crowded Market

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To stand out, marketers need to base their strategy on the three Cs: company, customer, and competition. Jessica Myers, CMO at The Very Group, emphasizes the importance of focusing on these key areas.

When Jessica joined the company 18 months ago, her first task was to delve into the company's operations and revenue streams, identify the most valuable customers, and analyze the competitive landscape. By understanding these three elements, marketers can differentiate themselves in a crowded market.

The real success of the Very story lies in its data capabilities. At Advertising Week Europe today (16 May), Myers shared that Very has 4.8 million customers spanning 10 different categories and over 2,000 brands. She highlighted the incredible shopper data available across all channels.

Myers asserts that Very holds the UK's largest data asset, especially with its collection of financial services data from customers using payment plans. She emphasized the power of having such extensive data readily available.

Myers believes that the marketing department's main goal is to drive "accelerated business growth." She emphasizes the importance of effectively utilizing data for this purpose. To gain a better understanding of their most valuable customers, Myers commissioned both value-based and attitudinal-based segmentation studies. This helps her identify the number of valuable customers in the UK, locate areas for growth, and pinpoint where to target them.

Sharing this valuable data is crucial for Myers. She believes in a collaborative approach and ensures that her agencies also have access to the same information. According to Myers, it's not about "me," but about "we." She sees the agencies as an extension of their own team and believes that sharing data is essential for working together effectively to create successful marketing strategies.

Myers emphasizes the importance of communicating the value of marketing to the board. She ensures that every pound spent is directly linked to the value it brings to the business. As a result, she recently received a significant increase in her marketing budget, 18 months after her appointment.

The significant increase in budget has primarily been allocated to the brand budget, marking a shift in focus from brand to performance marketing. This change reflects the importance of brand spending in attracting loyal and high-value customers who are committed to the company's offerings and are difficult to sway.

Every small contribution counts

Tesco Mobile's chief customer officer, Rachel Swift, joined Myers on the panel. The business has achieved significant success in the last three years, with a double-digit increase in market share. Swift acknowledges that the mobile market is already saturated, with mobile penetration at approximately 98%.

They have achieved this by implementing a "clear brand strategy" that is both "compelling and unique" and that is well understood by the entire company. According to her, "Brand and marketing communications can only play a small role in influencing the brand as a whole." It is crucial to ensure that all employees comprehend the brand strategy and their role in achieving it.

Swift also led a transformation journey for the brand, turning it into a more agile business capable of swiftly bringing products and services to market. Although changing established ways of thinking was challenging, she notes that the brand is beginning to see positive results and now boasts a team of colleagues who are empowered and motivated to work for a growing business.

Tesco Mobile has recently started to leverage its connection to Tesco in a more significant way. A review of its brand strategy showed that emphasizing the benefits and brand characteristics of Tesco would set it apart from competitors. In a market where it's challenging to stand out, focusing on the qualities that Tesco is known for - such as great value, quality products, and top-notch customer service - has proven to be beneficial for the brand.

This connection with Tesco could also lead to other opportunities. By tapping into The Tesco Group's Clubcard data, there is a significant potential for growth. Out of the 24 million customers in the Clubcard program, only a small number are currently Tesco Mobile customers. This presents a promising opportunity for expansion and attracting new customers.

She mentioned that there is a huge potential for growth. She emphasized the importance of linking everything together, not only in terms of branding and marketing but also in terms of data and personalization. This is where they believe the opportunity lies for them.

Editor's P/S:

The article highlights the importance of focusing on the "three Cs" in marketing: company, customer, and competition. By understanding these elements, marketers can differentiate their strategies and achieve success. Jessica Myers, CMO of The Very Group, emphasizes the value of data in this process, particularly in identifying and targeting loyal customers. Rachel Swift, chief customer officer of Tesco Mobile, shares the company's journey in developing a clear brand strategy and leveraging its connection with Tesco to stand out in a saturated market.

Both executives emphasize the need for collaboration and data sharing to enhance marketing effectiveness. Myers promotes a collaborative approach with agencies, providing them with access to valuable data to ensure alignment and successful execution. Swift stresses the importance of communicating the value of marketing to the board and securing increased budgets for brand building. These insights underscore the evolving role of marketing in driving business growth and the importance of adapting strategies to meet the specific needs of each organization and industry.