Ateneo Professor on Entrepreneurship
From open forum: powering business success
From our definition of marketing, the most important words are: "satisfying customer wants and needs better than competitors at a profit"
Your most profitable customers are most likely to be loyal customers (0 cost for acquiring) doing repeat sales and are reasonable in their demands/wants. The profitable few (20%)
It is important that we identify our valuable customers:
l. Remember that it is sales-cost = GP; you could be selling a lot to a "valued customer" but your costs may exceed your va/gp in the account
2. Testimonials and endorsements may earn you more sales, and lesser marketing costs (therefore make your customers happy)
3. Upselling and cross selling
4. Branding and celebrity endorsement
5. Feedback is valuable
Identifying valuable customers
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