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.
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