“Marketing is Only for Generating New Business” — Debunking Marketing Myths By Jake Hill

Credit: Myths and Facts; Image for Public Use

Marketing plays a crucial role in customer retention and building long term relationships. Sure, marketing can attract and help generate new business over a span of time but there are no guarantees in business. Every time businesses invest their marketing dollars in a specific strategy to garner eyeballs and ears, they’re essentially gambling to see whether the environmental factors, timing and opportunities align to yield a viable return on investment. What worked in the past may not deliver the same results in the present. Remaining relevant in the market is expected, it’s no longer an option for virtual and brick & mortar businesses to survive.

For an existing business, marketing plays a critical role in maintaining and growing its market presence. Here are the top two ways marketing can be used for an existing business:

Exercise Customer Retention Strategies

• Email Marketing Campaigns
• Introduce Loyalty Programs
• Implement Surveys and Feedback
• Offer Exclusive Promotions for Existing Customers

Craft Up-Selling and Cross-Selling Opportunities

• Incentivize Customers with Strategic Product Bundles
• Leverage Customer Purchase History with Personalized Recommendations
• Implement up-selling campaigns to encourage customers to experience higher-tier products or services. Share how the premium option can benefit the customer by presenting incentives. Incentives can vary from offering a one month free membership for an online service to offering a deep discount for a trial offer.
• Identify cross-selling opportunities by recommending related products or services that complement what the customer has already purchased. For example, if a customer buys a camera, cross-sell accessories such as tripods and camera bags.
• Create educational content that informs customers about additional features or use cases for your products. This not only adds value but also creates awareness about potential upgrades or complementary offerings. Education is key. If people aren’t aware of what a product or service can do for them, they won’t engage. Consider crafting a communications campaign which aligns with specific consumer segments.

Aspiring business professionals should reflect upon ...
“what value does your product or service provide to its end consumer?”

By focusing on customer retention strategies and implementing up-selling and cross-selling tactics, marketing can contribute significantly to the ongoing success of an existing business. Building strong relationships with current customers, understanding their needs, and providing personalized [and valuable] offerings are key elements in utilizing marketing effectively for existing businesses.

Meet Our Contributor — Jake Hill
Jake Hill is a seasoned digital marketer and website designer who has been shaping online experiences and driving digital success for over a decade. With a passion for innovative design and a keen understanding of evolving marketing trends, Jake has become a sought-after expert in the ever-changing realm of digital media. Jake is known to transform digital landscapes with design expertise and marketing mastery. Over time he has dispensed creative and technical services to public relations firms, ad agencies and private small business owners. Large corporations have sought him to consult on large scale projects granting general audiences to witness his unique sense of marketing through prominent projects like the Super Bowl. When he’s not working or fixing broken things around the house, he enjoys spending time with his family, fly fishing and listening to 80’s soft rock music. Learn more about Jake and his work here.