Basic Marketing Thoughts

As you begin to think about what kind of marketing activities will uniquely position you and your business in the marketplace, you will find an unbelievable amount of resource available to guide you. If you just Google “marketing,” over 400,000 references will be cited. Some are free, some have a cost, some are general in nature, and some are specific to your kind of business.

I want to challenge you to think beyond the normal four “P’s” of marketing (product, price, promotion, and place). I want you to think about not only driving new customers to your business, but also to consider retaining customers, creating loyal customers, and what it will take to get loyal customers to refer you to their family and friends.

Incentivizing new customers to be repeat, advocating customers is a critical element to building a long-term successful business. Throughout my career I have continually referenced a book by James L. Heskett, W. Earl Sasser, Jr., and Leonard A. Schlesinger, The Service Profit Chain. Harvard Business Review also wrote an article on this book. It is one of the best examples of why creating loyal customers through service leads to better business results.

Please remember that your marketing activities not only need to position you in the marketplace and drive new sales, but they need to focus on retaining loyal customers as well.

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