Magazine article Marketing

Keeping Hold of Your Customers Is Key to Growth

Magazine article Marketing

Keeping Hold of Your Customers Is Key to Growth

Article excerpt

As we approach the new millennium it seems that we remain unable to learn from history; trapped by a multitude of irreconcilable prejudices throughout the world which belie remarkable progress and stand in the way of future progress and prosperity.

On an evidently smaller scale, marketing too seems in danger of becoming trapped by its history. An identity crisis deriving from its holy grail of achieving respect and recognition within the business and financial communities, and its obsession with finding new ways to justify its existence, continue to be unwelcome distractions.

Evidence the drive for ever more sophisticated ways of measuring marketing performance, the desire for formal qualifications as a professional status symbol and the need to identify specifically with a variety of corporate goals, from owning the customer to enhancing shareholder value.

Marketing is trying too hard to justify itself and is in danger of over-complicating its role in a bottomless pit of analysis and post-rationalisation which does nothing to advance either performance or reputation.

If it is to take its rightful and essential place at the top table it must, however, elevate its raison d'etre from its functional roots to a fundamental strategic purpose which drives organisations.

The seemingly bizarre market valuation of a plethora of internet based companies, yet to make a profit, is clearly based on the assumption of a high degree of customer retention and subsequent growth.

On the basis that it is difficult to think of any business that has achieved long-term profitable growth without retaining its customers, then surely the real measure of marketing and ultimately financial success must therefore be customer retention. …

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