Business Lessons from the Farm #1
What sheep, cows and horses have in common with most business owners!
Living in what has historically been a predominantly agricultural nation watching farm animals has played a big part in my life.
Look along any fenceline and it's easy to see what side of the fence the stock has been on. The grass has been eaten on both sides of the fence but on one side only as far as the neck can reach!
This is where the proverb "The grass is always greener on the other side of the fence!" comes from.
The tendency for business owners to have this approach to marketing is very common. By continually searching for the greener grass or continually looking to secure new customers, they neglect to look after the grass at their very own feet.
It is 7 times easier and cheaper to re-sell to an existing customer that it is to convince another prospect to develop enough trust to make a buying decision. The majority of business owners I consult with don't have an active strategy to look after their existing customers.
Imagine if the tables were turned and instead of spending 80% of your marketing budget on trying to convert new prospects, you invested that in your existing customer base. What could you offer to them that you aren't now? Improved service levels or member only specials?
Your customer base is the biggest asset in your business. It's the grass at your feet that's easier to reach!
To your success,
Nick Lyttle
Living in what has historically been a predominantly agricultural nation watching farm animals has played a big part in my life.
Look along any fenceline and it's easy to see what side of the fence the stock has been on. The grass has been eaten on both sides of the fence but on one side only as far as the neck can reach!
This is where the proverb "The grass is always greener on the other side of the fence!" comes from.
The tendency for business owners to have this approach to marketing is very common. By continually searching for the greener grass or continually looking to secure new customers, they neglect to look after the grass at their very own feet.
It is 7 times easier and cheaper to re-sell to an existing customer that it is to convince another prospect to develop enough trust to make a buying decision. The majority of business owners I consult with don't have an active strategy to look after their existing customers.
Imagine if the tables were turned and instead of spending 80% of your marketing budget on trying to convert new prospects, you invested that in your existing customer base. What could you offer to them that you aren't now? Improved service levels or member only specials?
Your customer base is the biggest asset in your business. It's the grass at your feet that's easier to reach!
To your success,
Nick Lyttle
posted by Nick Lyttle at 7:04 PM
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