4.20/58 Highland Way, Upper Coomera QLD 4209
Is an offensive or defensive strategy best for your business?
A defensive strategy works to retain all current customers, while an offensive strategy works to bring in new customers.
So which one is best?
Keep in mind it costs roughly 9x more to get a new client, compared to keeping an old one.
Based on this and from our experience we would answer a little of both. Why do we think this?
Firstly, you will never be able to monitor the actions of your competitors. Are they actively working to grow?
Where are your clients in their business lifecycle and how many do you have? A declining industry and few clients could have a serious impact on revenue.
Think of your business as a bucket and the water are your clients. The only downside of the bucket is that it has a hole and no matter what you do, you can’t plug the hole.
On the plus side directly above the bucket sits a tap, the tap can fill the bucket faster than the hole can empty it.
How much water comes from the tap depends on how many resources you allocate to it. Think marketing budget, a business development manager or utilising your existing database.
You must figure out how you can slow the hole
At the same time you need to get the tap flowing with qualified customers.
Each business will have a different mix, it will be defined age, gender, location and interests etc.
How do you find your mix?
With a bit of effort.
No pain, no gain.