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.
This article was previously published on the Vistage website, you can find it here. Marketing has a reputation for being a bit... nebulous. Qualitative. We’ve even heard it described as ‘fluffy’. Your efforts (should) have a tangible impact on the bottom line, but too often business owners find themselves wondering exactly what their marketing team are up to. Marketing can't afford to be vague; it can and should be as accountable as every other department. Marketers should be able to tell you what they're doing and why, and how their efforts are improving results for the business.