Miller’s Monday Morning Message

Andrew MillerMiller’s Monday Morning Message
presented by ACM Consulting Inc.

Andrew Miller on operational excellence, strategy, life balance and everything in between

Toronto – February 10, 2014
Many organizations struggle with balancing the acquisition of new customers and the retention of existing customers. Even though these two are linked, the strategies are often different. When an organization wants to grow, it’s very easy to look for growth with new customers. We get motivated by bringing in new customers and closing the deal. But we need to remember two things: growth can also come from existing customers, and growth from new customers should not come at the expense of your existing customers.

Here are some things to think about:
  • Growth can come from both acquiring new customers as well as from offering more to existing customers.
  • If you focus too much on just bringing in new customers, you will erode your existing customer base.
  • Once you bring on a new customer, ensure they now become part of your retention strategy.
  • You can leverage relationships with existing customers to gain introductions to new prospective customers.
Your customer acquisition, on-boarding and retention strategies can be different but need to be strongly linked together. Don’t focus on one at the expense of the other. The most successful organizations are able to bring on new customers quickly and easily while holding onto the customers they already have.

To request an interview or more information, please contact:
 
Andrew Miller
416-480-1336
 
Follow me on Twitter @AndrewMillerACM
© Andrew Miller. All rights reserved. 2014.

Miller’s Monday Morning Message

Andrew MillerMiller’s Monday Morning Message
presented by ACM Consulting Inc.Andrew Miller on operational excellence, strategy, life balance and everything in between

Toronto – February 25, 2013
With Target getting ready to enter the Canadian market, they have launched a new advertising campaign to make Canadians more aware of the company. The campaign focuses on the pride Canadians have in their diverse country and culture. The adverstisements tell Canadians that Target has spent the last year getting to know Canada and its citizens, so they can best meet the needs of customers. Target’s strategy highlights some keys to remember when moving into a new market:
  • Know your target buyerEven though Target is trying to appeal to all Canadians, they are really targeting a subset of that market, the people who might actually go into a target and buy something. When entering a new market, it’s easy to get distracted by trying to have mass appeal, but the most important people to appeal to are your target customers.
  • Create an emotional connection as quickly as possible By playing off of Canada’s diversity and pride, Target is trying to show Canadians that the company understands who they are and what they need. Target is trying to become part of the Canadian culture as some other brands have done successfully (Molson Canadian is one brand that has done this very successfully). The faster an organization can make an emotional connection with customers, the faster they can create brand ambassadors and loyal customers.
  • All customers are not created equalAlthough organizations need to treat all customers like they are the only customer the organization has, not all customers should receive the same treatment. Key customers should be treated differently than other customers. Any strategy around customer acquisition and retention must centre around this concept.
“The key to entering a new market is knowing who your target customer is and how to best appeal to that target customer,” says Andrew Miller, President of ACM Consulting. “Too many companies move into new markets and assume that doing what they have done in the past will make them successful. Every market is different and every country is different, so organizations may need to look at a different strategy to be successful.
 
To request an interview or more information, please contact:
 
Andrew Miller
416-480-1336
 
Follow me on Twitter @AndrewMillerACM
© Andrew Miller. All rights reserved. 2013.