While advertising and promotion, more generally, can help build value into a brand, its primary role, in most cases, is to maximise enquiries. Establishing the required awareness of a brand within a target audience, providing the information and emotion required to establish demand – which in turn drives enquiry is essential. That said – it […]

While advertising and promotion, more generally, can help build value into a brand, its primary role, in most cases, is to maximise enquiries. Establishing the required awareness of a brand within a target audience, providing the information and emotion required to establish demand – which in turn drives enquiry is essential. That said – it is only a small part of the quest to maximise profitability. To better understand how small a role enquiry plays in maximising profitability, one need only consider the following statistics: Repeat customers spend67% more in months 31-36 of a relationship than in months 0-6. Repeat customers spend 300 timesmore than first-time customers. Referred customers are four timesmore likely to purchase. Referred customers have a 37%higher retention rate. Referral customers spend 25% more than un-referred customers. The probability of selling to an existing customer is 60 – 70%, while the probability of selling to a new customer is just 5 –…