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!
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."
I was fortunate enough to be at Gulfood 2019 at the Dubai World Trade Centre last week where over 5000 exhibitors showcased over 20 000 brands and 100 000 visitors from around the globe come together to savour and trade in all things foodie. It is billed as the World’s largest annual food and beverage fare in the Middle East.
We’ve all done it. The New Year hits and we’re filled with resolve to exercise more; eat better; spend more time with family, and – of course – sleep more. We do it all. All for one week.