30/08/2022
Start-up questions for profitable marketing
If you haven’t laid the foundation (marketing strategy based on a value proposition attractive to profitable segments) then you are building a house on sand, and the opportunity cost could be huge.
So don’t forget market research and ask yourself these questions:
Why should a prospect buy a product/service from you rather than someone else? As you begin to acquire customers ask them why they chose you, and the value it added to their
business as a result.
How did your prospects hear about you? This tells you what method is working.
Which prospects are most likely to buy from you? Identify common characteristics and revise this as you build and investigate your customer base. A prospect with a similar profile to an existing customer is eight times more likely to buy from you than a random prospect. Based on above profile, identify the most cost effective way to reach these prospects (see what competitors are doing and speak to potential customers).
What additional products or services can you up/cross-sell (through suppliers or third party partnerships)?. Stay close to your customers and their developing requirements. It costs five to seven times more to acquire a new customer than keep an existing one. So, what can you do to help ensure that your most profitable customers keep coming back?
