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.
Introduction Every business wants to grow, but not always for the reasons you might think. For many business owners, the ultimate purpose of growth is to place their company in an attractive position to sell. Because this is the goal of many of the business leaders we partner with at The Marketing Centre, it’s also become an important consideration for our Marketing Directors.
How and where are you selling your product or services? This is your route to market. And it's just as important - if not more important, than your product itself. Your route to market needs to work for your customer, and the best or right one, is the one that makes it easiest for a new customer to find you... if you get this wrong they'll go straight to your competitors and buy from them instead. In todays marketplace it is easy to get left behind or put yourself in danger by sticking to only what you've always done or known. It's a good idea to take new opportunities, find new channels or routes to market and gain more market share.
What a lot of business people don't understand is the difference between marketing and marketing tactics. Tactics are elements of marketing - the visible stuff that first comes to mind when you say the word marketing. It's the ads, billboards and posters, social media, emails and newsletters. These elements will have absolutely no meaning or result if they have no clearly defined goal or purpose. ALL businesses should be working towards one common goal - improving their bottom line. To market successfully you need a yard stick, there needs to be a measure of what success looks like - this, is your return on investment, or ROI.