Apples to Bananas
This video is going to make you rethink how you eat an apple. What if I told you there was a way to consume 30% more of an apple. Have a look:
It all comes down to the critical first bite. I would argue that same question applies to marketing. Where do you prioritize your marketing spend? Are you putting your customers first or your prospects first? Here is a slideshare deck that talk about prioritizing between the two. It’s entitled, Traditional Marketing is Dead… Long Live the Customer:
Here is the takeaway. Traditional marketing is dead. Today’s consumer is empowered. Tell and sell marketing is no longer effective. Companies need to differentiate themselves to stand out in a sea of sameness. Brands need to find ways to leverage their most important asset: their current customer. Referrals and word of mouth are keys to future growth. I believe the answer lies in taking that first bite towards improving the experience for current customers.
Are you ready to eliminate the current waste in your marketing spend? Many would argue that the waste far exceeds 30%. A popular saying illustrating how difficult it was to reach potential customers using traditional means is attributed to retail pioneer John Wanamaker: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
I believe the critical first bite lies in the power of “The Gift” or what I would call the Goldfish Rule. The most successful brands leverage gift economy principles to exceed expectations.
Philosophy of The Goldfish Rule
Businesses think that the best way to grow sales is to find new customers. Actually, the best way to grow sales is to increase the lifetime value of existing customers.
Happy existing customers benefit your business in at least three ways:
- They buy more from you.
- They buy more frequently from you.
- They tell more of their friends to buy from you.
How do you make existing customers happier? You realize that, from the customers’ standpoint, there’s no such thing as “meeting expectations.” Your only two options are to deliver less than they’d like, or more than they’d like. Choose “more.”
Want “more” proof: See how leveraging greeting and gifting helped this QSR increase sales by 40%
Today’s Lagniappe (a little something extra thrown in for good measure) – While we’re on topic of hacking fruit, what is the best way to peel a banana?
