Existing Customers Spend 2/3 More, Cost 10 Times Less

June 24th, 2014

A joint study by BIA/Kelsey and Manta found that, for the first time, small businesses truly grasp the impact their customer base has on their long term business viability. The study surveyed nearly 1,000 small business owners (SBOs) and found they now spend more than half of their time and budget focused on existing customers, recognizing that it can be up to ten times more costly to acquire a new customer. Further, a repeat customer spends 67% more than a new one.

There are nearly 28 million small businesses in America, and they are making a formidable impact on the U.S. economy. Small businesses provide 55% of all jobs and account for 54% of all U.S. sales. Read the rest of this entry »

Insights From An(other) Digital Cave Dweller

June 24th, 2014

I am a social media skeptic.  There, I said it…again.  I believe it has it’s place in the marketing mix but sometimes it’s all anyone wants to talk about and honestly, I just don’t believe it warrants all the attention given it. My primary concerns are that a) the reach of social media for everyday brands is over-estimated and b) the enduring effectiveness of “old” media is under-estimated.

That’s why I always love finding someone smarter than me who agrees.  It’s the “agreeing” part that I love.  (It’s really not that hard to find people smarter than me.)

Professor Mark Ritson, in a recent column wrote about his thoughts on social media.  Here are some of the highlights.

The problem with Twitter is it’s basically clutter

“The average click-through rate for a corporate tweet is around 0.5 per cent. If only one in every 200 followers click on a hyperlink, it represents a depressing proxy for how many people actually notice your tweets in the first place. Second, given the poor general number of followers many brands have achieved on Twitter, the reality, when you multiply out this already small potential audience by 0.05, is a “whole lot of nothing.” Statistically speaking” Read the rest of this entry »

Grand Theft Auto V – Criminally Successful Marketing & What You Can Learn From It.

November 22nd, 2013

For better or worse, both of my sons are huge video gamers.  And after a recent trip away from home, I returned to be regaled with praises of how good those games looked on my new flat panel television.  But one in particular stood out.  And it stands out for other reasons as well.  Because you see,  the world’s most successful entertainment franchise is not a film, not a pop artist, not even a musical.  It’s a video game.

The launch of Grand Theft Auto-V last month was simply breathtaking.  Not because of the controversial criminal storyline or the über-realistic immersive graphics (that happened to look so great on my television), but because of its staggering sales.  With a marketing budget of around $150m, it took in over $1bn in the first three days, over half a billion of which was in the first 24hrs alone.

Read the rest of this entry »

Public Invited for a Front Row Seat to Fashion

November 22nd, 2013



“Social media provides 3:1 return on investment”. Really???

October 21st, 2013

Anyone who knows me knows better than to discuss their awesome amount of “Likes” on their business Facebook page.  I always smile and say something like “likes have never been proven to make the cash register ring.”

So I was REALLY intrigued by this headline at the marketingmagazine.co.uk website, about the ROI (return on investment) effect of social media. The article was based on a study done by the Internet Advertising Bureau (IAB) on three FMCG (fast moving consumer goods) brands.   Keep in mind that this is a British publication so the results are on brands and goods in the UK and the dollars are pounds. Read the rest of this entry »