You’ve got some established client relationships. In trying to grow your business, should you spend your time enhancing your relationship with those customers or should you spend your resources on new customer cultivation.
Having a great marketing strategy in place is key to the success of any business. Without the implementation of a clear and concise marketing strategy, you may find that you are lacking the focus and roadmap which leads you to achieving your goals. In the development of a marketing strategy, a key element is the identification of your audience, whether they are existing or potential new customers. When it comes to marketing to these two groups of individuals, it is important to consider that there are pros and cons to both.
Continuing to add product or service lines or extensions to an existing customer base (known as “additional verticals”) deepens your understanding of and relationship with known clients. This can enhance customer loyalty and longevity, and all things being equal it is usually more inexpensive to work with known customers and clients. The development of new business segments does come at both a direct cost and the additional cost of valuable time. The allocation of time to development new strategic relationships and partnerships that don’t seem to yield immediate or direct sales results could yield new long-term customers and deepen your product penetration and name recognition in the marketplace. In order to decide which approach is right for you, it is first important to think about the customers you ultimately want to serve up front and then focus on acquiring customers which fall in to that bucket. The goal is to attract and retain customers who not only you can provide value to, but those that are most valuable to you over the course of time There is no “one size fits all” approach and many businesses try to do both of course. The key is time allocation and management and a detailed budget and business plan. Part of TAP One’s approach is to work with clients on financing, marketing and planning aspects of their business planning, specifically assisting companies with the development of marketing processes to attract and retain a valuable client base. Not only does TAP assist you in the development of such a plan, but we also stick around for the long run and assist your business with the execution of the plan as well by utilizing our internal and external resources.