Keeping a customer!

Oct 19, 2023 3:14 pm

Hi


Remember the fundamental reason for the existence of a business, from the last issue?


Create and keep a customer.


The entire quote by Peter Drucker is

"Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business."


Let us try and break this down for our Digital marketing agency example.


Our Digital marketing agency will work with small clinics. The agency will make the agency discoverable on search engines. Leading to more patients visiting the clinics.


So, how will the agency create and keep a customer?


There are many parts to creating and keeping a customer.


Creating a customer

  1. Choosing a target customer. [the agency will target clinics]
  2. Finding the right problem to solve. [the agency has discovered a good problem to solve]
  3. Marketing the problem and the solution to Clinics.
  4. Acquiring the clinics as customers. [requires having a compelling offer and good sales practises]


Keeping a Customer

  1. Customer onboarding
  2. Creating customer account for local search optimisation (let's take Google My Business as the tool for this example).
  3. Planning and execution of activities to rank the clinic using their website and Google My Business.
  4. Improving results for various keywords on search result pages.
  5. Adding value to the business quarter on quarter.
  6. Cross selling and upselling more services.


We all know and understand the concepts of sales and marketing. And we all have seen how companies struggle to keep customers.


Over the next few editions of the newsletter, let us focus on analysing the challenges in each step of creating and keeping a customer. (except the ones which we have already solved for the purposes of this example)


Hoping you are enjoying this series on First Principles and finding it useful. Looking forward to your feedback.


Best

Anoop Kurup

(Read old newsletters)

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