A friend of yours invites you a charity gala dinner organised by her business. By coincidence, you both turn up at the same time, her Jag just beating your Golf into the car park.
In a growth-driven world, businesses often focus on the new: new markets, clients, products or services. Too often they miss our most reliable source of profit – existing customers. The probability of selling to an existing customer is somewhere between 60% and 70% compared to between 5% and 20% for successfully selling to a new prospect. They’re also cheaper to market to, it costs three times as much to win a new customer as it does to retain an old one.
Why have you chosen ‘Good to Great’? ‘Level 5 Leadership’; ‘The Hedgehog Concept’; ‘Get on the bus’. So many business clichés can be traced back to Jim Collins’ ‘Good to Great’ – first published in 2001 and today an industry standard. Albeit a controversial one.
If you haven’t started budgeting for 2018, what are you waiting for?
Marketing waffle is everywhere.