Marketers often concentrate their efforts on new business, but sometimes, the fastest and most cost-effective way to expand your business is to look at your existing customers. In fact, the success rate of upselling or cross-selling to a current customer is around 50% higher than selling to a new one for the first time.
It is really important to thoroughly understand your markets, customers and general environment within which they are making decisions. Without this knowledge you certainly can’t set a solid marketing strategy that will target the right customer, improve sales and get your business the growth that it needs!
A lot of people think that marketing is solely concerned with long-term growth. If you need short-term financial fixes, they say, you need to turn to sales. Marketing is not only a long-term growth strategy. And sales is not only a short-term financial fix. It is true that marketers do look at the bigger picture, but they can definitely also help businesses see an immediate positive change. A digital campaign, an emailer, a well thought out promotion - these are designed to have an impact on your sales pipeline in a matter of days or weeks.
Tech Innovators - Do you have the marketing skills to beat the innovation curve 10 years to mainstream adoption?
It takes guts to be an innovator. You’re disrupting an industry. And if you’re on the cutting-edge of technology in industries such as telecoms, fintech or insurance, you have a ring side seat to how the world is changing. But as exciting as change is, it’s vital to completely understand how the rest of the world is going to perceive your innovation. As the Harvard Business Review found, ‘to achieve any success when launching a disruption in the market, entrepreneurs need to put as much energy and investment into marketing new offerings as they do in generating them’. By Shannon Mackey, Regional Director & Marketing Manager
Marketing can be like gambling. Possibly not what you’d expect to hear from a marketing company, but please bear with us! The gambling analogy goes like this: "Your marketing budget is your stake, the tables and slots at the casino are your marketing channels, and new customers - falling into your lap like golden coins from a slot machine – are your prize. A professional gambler will not be seduced by the flashing lights, the big headline numbers and the dealer’s spiel, because professional gambling is not glamour, it is mathematics – it is less about unknown risk and more about predictable return."