Marketers often focus their efforts on new business, but sometimes, the fastest and most cost-effective way to grow your business is to look at your existing customers. In fact, the success rate of upselling or cross-selling to an existing customer is around 50% higher than selling to a new one for the first time.
Marketing innovates, tests and refines ideas that increase your business’ presence in the marketplace, making more prospective customers more aware of who you are and what you do. It also brings customers into your business, guides them to the point where they’re willing to spend money, and keeps them there and spending for as long as possible. All of these fit into our Marketing 360 framework - they’re all goals and activities which are part of one overarching function, and it’s all directed toward growth.
Who’s the best driver in the world: Rally star Sébastien Ogier or F1 champion Lewis Hamilton? Trick question. Both are viable contenders, but only for a given value of “best”. Their driving styles are worlds apart. F1 is a matter of speed, precision and perfect understanding of the vehicle. A rally champion may not hit the same raw m.p.h., but they need to drive with flamboyance and a will to improvise. There’s a fundamental difference in mindset and skill set involved, and a champion behind one wheel may end up in the middle of the pack behind another. There’s a lot more to the choice than: “well, they both drive fast, don’t they?” So it goes with many things - including sales and marketing.
Each year, the UK plays host to 1.3m business events, in an industry that’s worth £42.3bn to the UK economy. However, for the purpose of this piece, we’re discussing smaller, client events - which can deliver an impressive boost to your business. If done badly, though, they can also be expensive, waste a lot of resource, and damage your reputation with your audience.
Driven by headlines about self-driving cars, robot-run factories and fully automated call centres, businesses are spending an awful lot on AI - the sector is expected to be worth $1.2 trillion by 2020. It’s easy for business leaders to be swept up in the hype and think, “we need to get in on this”. Is that actually true? Maybe. AI is definitely disrupting industries across the board. In agriculture, its ability to track events and make predictions is helping to address labour shortages by directing personnel to where they’re needed; in retail and tech support, AI powers chatbots which automate frequently asked questions and data collection, saving human man-hours for where they’re needed.