Already a Bloomberg.com user?
Sign in with the same account.
Never forget that 70% of business that’s lost is lost due to apathy after the sale. The opposite of apathy is follow-up.
Follow-up not only reduces your marketing investment, it’s also a boon to your customer-retention program.
Since customers move, die, and are wooed away by competitors, you must always add new people to your customer list. They will come in a steady flow if you consistently market to prospects. Think of marketing to prospects as a solid long-term investment for you. Realize that members of the universe have ways of becoming prospects, and it’s a lot easier to sell to a prospect who has heard of you than to sell to one who hasn’t.
Most likely, you’re aiming almost 100% of your marketing budget at prospects. Does that mean you’re wasting 70% of it? I hate to tell you this in public, but it does. The rule of thumb says 30% goes to prospects, 10% goes to the universe, and 60% goes to customers. Marketing works well that way. Ask any guerrilla marketer.
Lloyd E. Shefsky
Clinical Professor of Entrepreneurship and Co-Director, Center for Family Enterprises
Kellogg School of Management