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!
Having trouble measuring your marketing ROI? Automation and analysis tools can help. While it’s often claimed that measuring marketing ROI - especially in digital marketing - is difficult, such tools will help your marketing function to measure and demonstrate the effectiveness of their activity with accuracy and reliability.
Customer retention versus customer acquisition: It’s a battle for the ages. We know that maintaining loyal customers can be easier and more profitable than finding new ones. Yet, many businesses still commit more resources to acquisition. It is very important that you balance your focus on customer acquisition and customer retention. Your loyal customers provide the most lifetime value, after all. So, while others work themselves to the bone trying to create leads, you can come up with an effective retention process.
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.