Update from ICON regarding COVID-19

While many companies are spending up 70%, 80% on chasing new customers and building upon their customer acquisition, many companies ignore their existing customers, the database they have built over years of good business practice.database-marketing

The Reason – above the line marketing – new customer marketing – is sometimes the sexy side of marketing. Magazine advertising, billboards, television etc. However, below the line marketing – growing the orders from existing customer – can be, well, less sexy. Mining and segmenting databases, writing compelling call to action direct mail pieces and working with existing customers sometimes one by one to grow the size of their orders.

However, if you want to immediately grow your business and your bottom line, look to your database. These customers have already worked with you, appreciate your customer service and your products. So doesn’t it stand to reason that to grow each of these customers by just 10% would be more effective in growing the bottom line quickly rather than the sometimes long sales process with new customers.

Both strategies should work together, not ignoring one for the sake of other. Ensure that your strategic marketing planning includes strategies for both new client acquisition and growing your existing customer size.