Episode 56: Are You Growing Deep And Wide Or Not At All
Good marketing is important, but you can’t sustain a business with new customers. In today’s podcast I’ll share exactly why this is.
Show Notes — Are you Growing DEEP & WIDE or Not Growing At All?
Welcome to Ideas with Impact – Episode 56
Business growth is not solely a proponent of good marketing.
There I said it – all you marketeers can SEO experts can send hate mail to email@example.com. Make sure you say “Hi” to Samantha for me.
Growth ultimately results from the ability of any business to attract new customers as well as retain and grow existing customers. The former is a component of good marketing, but the later is the result of capitalization.
What do I mean by capitalization?
Capitalization on existing customer accounts results from the ability to venture deep into a customers business to further understand their needs, as well as go wide to leverage relationships and needs across the business, it’s divisions, suppliers and other alliances.
There are plenty of companies that have grown significantly with very little marketing, focused solely on capitalization. Many of the big pharmaceutical companies like Bayer build strong relationships with doctors and hospitals in order to understand needs; in turn investing hundreds of thousands of dollars in research and development of new products that meet the needs of the very doctors and hospitals that they serve.
By achieving this they build the best marketing vehicle around – word of mouth.
Take a moment now and consider your customer accounts today and ask yourself, how can you capitalize on the relationship?
What are you not considering relative to offering additional value?
Who else within the company may benefit from the value you have to offer?
What if you were able to tap into other divisions or suppliers of your customers? How would that impact your business and your revenue?
Here are some questions to help you reflect upon how you too go deep and wide:
- What other potential relationships existing within your customer today that you have not yet serviced?
- How might you identify additional opportunities for needs or additional relationships? Who should you connect with or who can connect you?
- What companies or service providers currently support your customers? Whom of these might you also provide products or services too?
- What other companies are in your customer’s network that might benefit from the value you are offering?
So, good marketing of course is important (I had you scared for a moment didn’t I?), but you simply can’t build a strong sustainable business with new customers.
By focusing your efforts on growing DEEP and WIDE into your best customers you can offer additional value and in turn build a stronger and more profitable business.
The next move is yours…
This has been another epidsode of Ideas with Impact – for show notes visit: shawncasemore.com/56
© Shawn Casemore 2015. All rights reserved.
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