Can marketing be dangerous for your business?
I am often asked “what kind of marketing should I do?”
When asked why? It’s typically because of poor sales.
In my experience of coaching hundreds of businesses in majority of cases they have a fundamental issue which more marketing will not solve. Mediocrity!
As a business the experience they deliver is so forgetful that the last thing the customers want to do is to repeat it especially with their family or friends.
In general it may cost ten times more to acquire a new customer versus keeping an old customer. Which means if the business is unable to keep existing customers, spending more $ in marketing would actually cause them to be worse off financially.
So how do you know if your business is experiencing this mediocrity? Objectively check your repeat customer %.
Deliver an outstanding customer experience. This is called Value Proposition which I will address next time.