3 Career-Changing Takeaways from Denny Hatch
In a growing business, invest in infrastructure that will support future operations rather than trying to economize by jury-rigging what you have.
When launching a new product or service—or acquiring a company—do you know the approximate size of the potential universe of buyers?
3. Customer Relationship Magic
The old rule of thumb is that it costs five times more to acquire a new customer than to sell something to an existing customer. Given the clutter of advertising messages and the choices of media, the cost of acquiring a new customer is probably more like 10 to 12 times.
The main business of business is acquiring customers and then doing your very best to continually delight them.
Customers are the lifeblood of every business. If you don't have customers, you don't have a business. This truism holds in boom times and bust.