What would a world look like where an organization didn’t need marketing? All new sales came via referrals, the sales organization were just focused on order taking, and most of the customer costs were in retention and producing the best experience.
Yes, there are many businesses that look like that, but for most of us; we can never have enough new customers and we have to work for them
The challenge with the traditional marketing approach is that we focus too much on generating attention and interest, but we get lost in the costs. Point in case, email marketing is focused on the conversion rates from a campaign. So, we get a 10% open rate and a 2% conversion from the email campaign. But, if you think about it, 90% didn’t open and 8% rejected the offer. Continue reading “Social Marketing Economics: Cost of Attention versus Cost of Rejection” »