July 11th, 2011
Utilizing Wisdom to raise Customer Retention and Brand Value
If challenges with employee or supplier retention are now being mirrored in difficulty with customer retention, your online marketing strategy will not solve the issue. However, you could be devoted to increasing sales therefore prioritizing traditional marketing spending will make sense to you personally. In fact it really is tried and tested, in order that it must work. Right?
A slam dunk. You may see some increases in inquiries, sales or traffic, but since it is not organic it will not be sustainable. Which means once that campaign or discount ends same goes with that boost in sales or visibility.
What it is going to do is put a growing strain on your resources as your customer acquisition and marketing costs continues to improve. This does not just mean financially, although that is certainly one way it is going to make an appearance. What’s more, it ensures that you will have to pay more attention – as a possible owner in addition to being a collective, for you to get customers.. hiring and training new employees, as well as getting new suppliers.
“Customer loyalty may be worth approximately 10 times over a single purchase.”
“It costs 6 times more to draw a fresh customer of computer does to keep a vintage one”
And where attention goes, money follows. The end result will likely be higher costs or larger budget chunks required to patch persistent holes in staffing, suppliers or sales. It is possible to hire recruiters, social networking experts, internet marketing experts, ensure representation at more events, and bring in sales coaches. All probably will give you the services you’ve paid for, essentially bringing a bucket to help scoop water for the short time. Nevertheless the outlet inside your sinking boat will remain a predictable issue. The question just becomes how much time you delay to acquire somebody who can assist you plug the outlet then patch the boat.