The way to achieve this goal is through customer acquisition, retention, loyalty, cross-selling, up-selling, referrals, and so on. In other words, we aim to maximise the lifetime value of every single customer.
The first stage in the process is to establish the most effective ways to raise awareness by considering the various marketing media at our disposal – such as direct marketing, responsive advertising, email marketing, telemarketing, sales meetings, exhibitions, digital marketing, sales promotion, and so on.
We then need to plot the entire sales pipeline strategy to ensure we funnel opportunities along a conversion path with the least possible waste, thereby maximising sales. The target market starts as a list of suspects, who turn into prospects before they convert into customers.
We also ought to think about customer retention. We all know that it costs a great deal more to find a new customer than to keep an existing one – so repeat business is an obvious place to focus. Customer loyalty can be efficiently improved through the use of customer relationship management (CRM) tools that need not cost the earth.