“Business opportunities are like buses, there’s always another one coming.”
~ Richard Branson
Most entrepreneurs and business owners are so focused on getting new customers that they neglect their current customers.
And, unlike prospective customers, current customers have a track record of buying from you…and are much more likely to buy from you again than prospective customers.
So spend time listening to and communicating with your current customers. Find out what they truly want and need, and stay top-of-mind so they buy from you again and again.
And importantly, don’t forget to keep marketing to current and past customers. Just because they purchased once from you, doesn’t mean they will keep buying from you. Send them emails and direct mail pieces. Call them. Etc. Just don’t forget about them.
Is Your Business at Risk of Failure?
Most businesses fail — they die a premature death. I hate to be so blunt, but this is the truth. The only thing that varies is just how many businesses fail.
What’s the number one cause of this failure?
Well, according to Dun & Bradstreet, the primary cause is lack of strategic planning.
Entrepreneurs and business owners don’t plan to fail. Rather, they fail to plan (which causes them to fail).
Today’s Question: Why did Scott Paper Company not put their name on their toilet paper when they first started manufacturing it?
Previous Question: Which legal term describes a brand name that has become synonymous with a particular class of products, whose examples include Scotch Tape, Frisbee, Xerox and Band-Aid?
Answer: The term to describe a brand name synonymous with particular products is a “genericized trademark.”
While on one hand it’s nice to have customers associate your brand with a product, in the long run it can be damaging when people use your brand name to refer to competitors’ versions.
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