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- November 23, 2008: The Next Great Depression...In High Definition
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
Archive for October 13, 2007
Top Line, Conversions or Upselling
October 13, 2007 by mrbizplan.
richhall asks:
I have read that getting new customers in the pipeline is the most important goal for companies. I have also read that client conversions and up-selling are imperative to growth. Which is true?
Mr BizPlan answers:
You questions surrounds two major philosophical mind sets among marketing experts today. One camp believes that top line growth can solve all of a companies problems and that means making investments in branding you company and heavily marketing your products/services. The other camp believes that concentrating on converting more of your leads and then working selling a higher average ticket, whether it be through up-selling, packaging or ancillary products.
I believe that both are important…but should be used at different times in a company’s life-cycle. When you are a new company with a limited customer base then loading up the top of the funnel is where you should concentrate your efforts. Marketing experts have determined that a client will have to see or hear your ad about seven times before they respond to it. This means that new companies have to invest a large amount of their budgets into marketing and branding efforts.
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