- Tailoring the product marketing strategy capitalizes on targeted marketing and personalization.
- It can be a great marketing strategy to reach and cater to specific audience segments.
The core of the “Tailor Your Products” marketing strategy revolves around targeted marketing and personalization for multiple benefits. The essence of this strategy is to create a customized marketing and buying experience for different customer segments. Implementing this strategy provides multiple benefits for the brand.
Marketers can conduct in-depth analysis to identify distinct customer groups within their target market. Understand that each segment has unique characteristics, persona, needs, and preferences. Based on this research, the audience will be divided into distinct groups, and the approach will be tailored to cater to them.
For instance, an athletic apparel company tailors its products around runners and fitness enthusiasts, usually in a certain age bracket. A gaming company would build games to cater to a niche; a streaming service would recommend different content libraries to users based on their viewing habits.
How Rolls Royce Capitalized on “Tailor Your Products” Marketing Strategy?
Rolls Royce Motor Cars Limited has been a wholly owned subsidiary of BMW AG since 2003 and is the world-renowned manufacturer of Rolls-Royce-branded luxury automobiles. Although the brand isn’t known for mass customization, like picking colors or adding initials, it caters to different kinds of ultra-luxury customization for an ultra-wealthy clientele.
Providing a Bespoke Experience
The core of Rolls Royce customization is a process called “Bespoke”, where the entire car is built to the client’s specifications. This allows wealthy customers to go beyond choosing paint colors, and the brand accommodates nearly every demand.
Clients can specify unique materials, from rare woods and exotic leather to meteorite fragments and volcanic rocks. They name it, and Rolls Royce will incorporate these elements into the car’s interior. They would also facilitate personalization like family crests, customer stitching patterns, or replicating the owner’s favourite headwork on the headliners.
Obviously, the engine and core chassis cannot be altered, but the team might include special features like a cigar humidor, a champagne cooler, customized or bejeweled Spirit of Ecstasy, etc. Rolls Royce has a dedicated bespoke team to incorporate these details of tailoring in the manufacturing process.
Each bespoke client is assigned a dedicated team of designers, engineers, and craftspeople who collaborate with the client throughout the entire process, from ideation to delivery. This ensures a clear understanding between the client and team and ensures that the final product perfectly reflects the client’s vision.
The Unmatched Craftsmanship & a Collaborative Journey
The attention to detail and craftsmanship in a Bespoke Rolls Royce is unparalleled by any other offering. Every stitch, from seats to door panels, every piece of wood veneer from the dashboard to the center panel, etc., is meticulously hand-finished by artisans who take immense pride in their work.
This team’s dedication to quality is a vital part of Rolls Royce’s brand identity and a significant selling point for Bespoke commissions. It capitalizes on the fact that every customer wants something in the car that makes it special or one of a kind, and the luxury automobile manufacturer caters to this need by tailoring its products.
Owning a bespoke Rolls Royce is more than just buying a car; it’s an experience like no other. The client is actively involved in every aspect of the design process, from brainstorming initial ideas to changes along the way and, ultimately, the delivery of the final product. This collaborative approach fosters a strong emotional connection between the client and the car.
Secrecy & Exclusivity
The entire process of commissioning and owning a bespoke Rolls Royce is shrouded in secrecy. They never advertise the specific details of client commissions. For example, adding a meteorite fragment is a big deal, but they never advertise it. This adds to the sense of mystique and exclusivity of owning a Bespoke Rolls Royce.
This approach caters to the desires of high-profile clientele who appreciate and value privacy and the opportunity of one-of-a-kind possessions. Combining these elements, Rolls Royce capitalizes on the “Tailor Your Products” marketing strategy, which is perfectly suited for its ultra-luxury market. It took the concept of customization to a different level by creating bespoke automobiles that are as unique as their owners.
What is the “Tailor Your Products” Marketing Strategy?
The “Tailor Your Products” marketing strategy goes beyond traditional marketing and revolves around the concepts of making the brand important and relatable through targeted marketing and personalization. It solidifies the brand image and awareness, making it stand out from the competition.
Customizing the marketing message and product or service offerings to resonate deeply with specific customer segments goes beyond the one-size-fits-all approach and delves into provisioning tailored products, services, and presentations to different audiences based on their needs, preferences, and behaviors.
Know Your Audience and Highlight the Value Proposition
Implementation of this strategy starts with understanding the target audience through research, surveys and competitor analysis and then categorizing them into different customer segments with distinct characteristics. Marketers can develop detailed profiles for each segment and include their demographics, interests, pain points and buying habits into the mix.
There must be a Unique Selling Proposition (USP) for each segment. By understanding what makes the product or service unique and specifically valuable for the segment or what problem it solves to cater to their needs, marketers can craft targeted marketing messaging to speak directly to each segment’s pain points and desires.
Personalizing the Customer Journey and Ultimate Benefits of the Strategy
Market segmentation allows for tailoring the marketing message across channels like social media, email, website, etc., helping it reach each segment effectively. The team should focus on creating content like videos, infographics, articles, and social media posts that directly speak to each segment’s interests. Later, marketers should consider offering variations of the products or services, highlighting specific features that cater to different segments.
There are multiple benefits to using this strategy. It helps increase engagement, as customers are more likely to listen to messages that resonate with them. Targeted messaging leads to improved conversion rates, enhances brand awareness, and increases loyalty, as customers feel understood. Also, brands can avoid wasting marketing efforts for optimal resource optimization.
Pros and Cons of “Tailor Your Products” Marketing Strategy
Like every other marketing strategy, this “Tailor Your Products” strategy has pros and cons, as discussed below.
Pros
Customers are bombarded with marketing messages daily, and a tailored message catering to their specific needs and interests tends to be heard. It helps their attention and increases the chances of engagement and conversion rates. Customers who feel that the brand understands them and their needs are more likely to become loyal brand advocates.
When a brand understands customers better and offers them products or services that are relevant to their needs, it improves customer lifetime value. Tailoring the marketing efforts allows targeting specific segments, avoiding wasted spending on demographics that might not be the right fit. Tailoring the product highlights specific features, enhancing product differentiation. ConsTailoring marketing requires a deeper understanding of the target audience and more effort in creating targeted messaging and potential product variations. This can be more complex to execute than a mass marketing approach. Tailoring effectiveness relies on customer data and marketing technology to segment the audience and requires significant investment in data collection, analysis tools, etc.
Developing buyer personas, curating targeted messaging for each segment, and personalizing the customer journey could be time-consuming and resource-intensive, especially for businesses with limited resources. If segmentation needs to be better done or the message feels inauthentic, it can backfire and alienate customers. In conclusion, the “Tailoring the Products” marketing strategy can be a powerful tool for increasing engagement, conversion, brand awareness and loyalty. The data-driven approach to segment audiences based on specific metrics can lead to considerable return on investment (ROI)
