I recently sat down with Scott Alexander from Jairus Marketing for another insightful discussion about a topic that resonates deeply with both of us: shifting from a founder-led business to more sustainable business models. This is especially relevant for early-stage companies, particularly those in the healthcare sector where the CEO is vital as both the visionary and primary salesperson.
Wed, May 13, 2020 — After COVID-19: step back to see how the whole picture has changed Even in the best of times, your business plan relies on a sound strategy to gain – and keep – your competitive advantage. Success is generally a function of a winning combination of factors – good knowledge of the business environment, a keen understanding of your competitors, a laser focus on the size of the market and trends, technological development, and the overall state of the economy.
Thu, Mar 12, 2020 — I don’t know about you, but I look forward to a new Patrick Lencioni book like I do the next Grisham novel. Not for entertainment purposes (while they are always a fun read), but from the sheer joy of reading an expression of well-crafted thinking. In Lencioni’s latest (and greatest) fable and framework – The Motive – Patrick does not disappoint. But there’s a catch. While this may be his most important work, it may become his least popular. Why? Because rather than challenge his business leadership audience with new methods, he’s challenging us with a completely new mindset; and one that many of us will instinctively fight.
Wed, Oct 30, 2019 — It might be correct to tell a basketball player that the best way he or she can score points is to dunk the ball through the hoop. Correct, that is, if the player is, say, 6’6” or taller. That advice, however, is not very useful for a player that’s 5’6”.
Mon, Oct 14, 2019 — A Practical Implementation Guide for Small- and Mid-Sized Business Executives Mark Coronna, Area Managing Partner & CMO, Chief Outsiders with Todd Eberhardt, CEO, Dynasty Leadership Consulting Somewhere in the historical development of Marketing language the concept of an Ideal Customer Profile emerged. You can find frequent discussion of this concept if you are reading marketing blogs today—it is definitely a “buzz” term, and legitimately so, if you understand the power of the concept and apply it to your customer acquisition programs. We’d like to discuss how to practically implement the concept of an Ideal Customer Profile and talk about why it’s important, as well as how it can dramatically impact your business, when applied to your Marketing and Sales programs.
Thu, Oct 10, 2019 — Part 3 of 3: Winning Retention Marketing Strategies Retention marketing isn’t meant to replace acquisition marketing, but to work alongside it as part of your growth strategy. The activities associated with retaining customers and/or increasing customer value through re-purchasing or up-selling products and services, is less expensive than acquisition marketing. While you need both acquisition and retention marketing, you will get a better return from your investment in retention marketing and create customers for life. In the previous blog post, we discussed how to develop a retention marketing program that specifically addresses the needs of your business. But are there proven retention marketing strategies or tactics that should be considered regardless?
Fri, Sep 13, 2019 — Part 2 of 3: Developing a Retention Marketing Program As we learned in my previous post, retention marketing encompasses the activities associated with retaining customers or increasing customer value through re-purchasing and up-selling products and services. It’s anywhere from five to 25 times less expensive than acquisition marketing—and done well can reduce the expense pressure of acquisition marketing to grow your business. Retention marketing should be a part of any business growth strategy. Retention marketing involves communicating with your customers in a way that helps you nurture and keep them. This should be an ongoing priority for the business with buy-in from the top throughout the entire organization. After all, you’ve all worked hard and spent a lot of money to acquire those customers.
Fri, Sep 6, 2019 — Part 1 of 3: Why retention marketing should be part of your growth strategy If you are losing customers at almost any rate, you are jeopardizing your business growth strategy. Every lost customer creates a hole that you must fill before you can claim any new customer growth. The more customers you churn, the deeper the gap before you can realize any revenue or profit growth.
Wed, Sep 4, 2019 — A long time ago, in a galaxy far away, most consumer enterprises were in the business of selling physical items that could be held, consumed, and bought again. Whether it was a cheeseburger at McDonalds, a quart of milk at the grocery store, or a stamping machine from an industrial supplier, the pricing model was simple: Take the cost to produce, add profit (plus padding for high market demand), and you’re done. Ship one unit, charge for one unit. Simple.
Tue, Aug 6, 2019 — We live at the dawn of some very technologically compelling times. Businesses around the globe have supplanted humans with artificial equivalents, in a bid to meet customer demand for greater efficiencies. Indeed, some of this Artificial Intelligence (AI) has been integrated into business processes so smoothly, that we barely notice anymore. As an example, someone was recently texting me, and in their query asked me where I was. My iPhone picked up on the context queues in the message and prompted me with my current location – I just tapped and sent. In fact, AI, and automated machines in general, are very, very good at particular types of work. Monitoring, for example. People are horrible at monitoring – it’s boring and repetitive, and by our nature, we can easily become distracted. In some cases, in fact, extended monitoring is essential to life itself – in places like the intensive care unit at your hospital, or aloft at 41,000 feet, keeping an airplane with 300 passengers stable and safe. By 2022, one survey says that companies will dump a whopping $79 billion into such cognitive and AI systems designed to save money, build efficiency, and foster profitability.