Tag: advertising

The stats don’t make for pretty reading. One in two businesses don’t make their fifth birthday. Others drag themselves in hope and a prayer through that celebration date only to fizzle out soon afterwards. Only a third reach the ten-year milestone¹. While there are many reasons for this, one stands out above them all: a failure to adequately market the primary products or services of the business.

Yes, some businesses make it on the back of a golden-ticket product or thanks to a large existing network of friends and acquaintances, or through the sheer charisma of its owner. Most aren’t so fortunate, however. The future of most businesses is directly tied to their ability to promote themselves. It really is a case of stink … or promote.

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A business’s bottom-line success is determined by three things: procuring new business, encouraging repeat business and securing referral business. Yes, a quality product and outstanding service are essential. But many businesses with top-notch products and first-class service close their doors because they fudge their NRR approach; that is, they fail to get new business, repeat business and referral business

And here’s the kicker. A new client who enjoys a highly satisfied experience is more likely to return for a second helping and to actively broadcast their giddy elation to others. Simple, I know. Who would have thought, happy clients = more clients. Yet don’t miss the point: the lifeblood of any business lies in its new clients. In fact, the formula is more accurately stated as such: new happy clients = more clients.

So, how do we procure new business? There are only so many ways to skin a cat.

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