Is that a Fork in the Road?
Here’s an excerpt from an excellent article in the current issue of PCT Magazine about taking time at year end to really evaluate how we can not only maintain the status quo but grow our businesses in the coming year. It’s relevant, regardless of what kind of business you are in:
“At the PPMA-sponsored general session at PestWorld 2009, many experienced firsthand the marketing wisdom of noted business author Bob Pritchard. For those who were not able to attend, let me share just a few of surprising statistics he revealed that can be valuable to businesses in approaching the year-end ‘fork’:
- The results of an in-depth study by the Business School at Harvard University discovered 62 percent of all satisfied customers never repurchase from the same source.
- In that same study, researchers found that four out of five sales are generated by repeat business or “word of mouth.”
- In a marketing study conducted by the Rockefeller Institute, 68 percent of consumers will stop doing business with a company when they feel that the company has stopped caring, whereas only nine percent of consumers stop using a service because they have been attracted by the competition….
“These studies underscore the need for businesses to develop a long-term marketing strategy — a strategy that is not just reactive to market conditions, but also proactive in laying the groundwork for year-over-year goals.”
To read more, including tips about how to approach the New Year “fork-in-the-road” for your business, visit http://www.pctonline.com/Article.aspx?article_id=43366.
The author is the executive director for the Professional Pest Management Alliance. She can be reached at [email protected].
Happy 2010, Earth Guard customers and friends!