Less is often more

Most marketers equate success to more; more ads, more locations, more customers, more Sku’s, more appearances in the press, and so on.

However, the quest for “more” leaves a lot on the table, as it disregards the value of what you have.

Would you rather have an extra customer that delivers an extra $10,000, or an extra 10,000 from an existing customer?

 In most circumstances, it will be the latter, because there are no acquisition costs, a deepened relationship with an exisiting customer that creates barriers to exit for them, and a more predictable operational and logistic chain that inevitably costs less than one set up, even if it is entirely routine, to service a new customer.

Share of wallet is a powerful driver of performance, as it implies that as you get more of a customers wallet, you become more engaged with their key processes, and become core to their efforts to add value in turn to their customers.

Being excellent with a few is usually a better approach than being average with a lot.

 

About strategyaudit

StrategyAudit is a boutique strategy and marketing consultancy concentrating on the challenges of the medium sized manufacturing businesses that make up the backbone of our economy. The particular focus is on their strategic and marketing development. as well as the business and operational efficiency improvements necessary for day to day commercial survival. We not only give advice, we go down "into the weeds" to ensure and enable implementation.
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One Response to Less is often more

  1. Pingback: 2 vital and connected KPI’s for SME’s | StrategyAudit

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