The core of every marketing strategy is to create a sale.
Many business owners tend to sacrifice long-term strategy in order to gain a quick sale today.
Industries differ between sales funnel time and acquiring customers. It can take months or even years for a sale to manifest. A mistake many businesses make is spending the majority of their marketing dollars on acquiring new customers to gain cash today. Solid strategy can feed a business for many years with proper execution. Immediate outcomes can stress brand building.
Consider LTV– the lifetime value of a customer. Do things that will attract customers who will stick around. It doesn’t make business sense to push a loss-leader deal only to lose the customer to a competitor who also bottom feeds. Our marketing initiatives–and core strategy…should be to attract an enduring relationship, based on how well we deliver the goods! If we produce customer “wow” on a daily basis–we can probably produce sustainability.
Focus on improving the marginal returns of the lifetime value of a customer. Profits should increase as customers re-buy and refer.
Do you have a strategy to build LTV?
I can help.