Eurovision Song Contest = Beauty Contest
Seems like everyones trying to make the song they think everyone wants to hear, thus making soulless crap.
Startling Statistics on Customer Retention & Acquisition
Where should you spend your marketing dollars? How many customers have you lost in the last five years? How many customers have you gained in the last five years? How important are your customers to you? (Silly question?) Consider this statement from The Harvard Business Review which said that the average business loses 50% of their customers every five years.
Which is better: retaining current customers or adding new customers? That really is not a question that you can answer without saying both are important. Authors Emmet C. Murphy and Mark A. Murphy made several impressive statements in their book, Leading on the Edge of Chaos.
- Acquiring new customers can cost as much as five times more than satisfying and retaining current customers
- A 2% increase in customer retention has the same effect as decreasing costs by 10%
- Depending on the industry, reducing your customer defection rate by 5% can increase your profitability by 25 to 125%
- Customer profitability tends to increase over the life of a retained customer
What is the likelihood that you will retain your customers? What do those numbers mean to you and the success of your company? Have you evaluated your customer retention rate? Do you have a plan to keep your customers? Do you have the tools to make that job easier? Here are the reasons customers leave, according to the U.S. Small Business Administration and the U.S. Chamber of Commerce:
- 68% leave because they are upset with the treatment they’ve received (Customer Service)
- 14% are dissatisfied with the product or service
- 9% begin doing business with the competition
- 5% seek alternatives or develop other business relationships
- 3% move away
- 1% die
I nicked this from Business Automations Specialists of Minnesota Inc.
Epic Album Cover
(Spotify Link)
The Oatmeal - Tesla
Brilliant
Biking as a statement - an image that works on a global scale.
Source: annaebbesen
pre-money valuation = ($1M*n_engineers) - ($500k*n_MBAs)
The best kind of business is thus one where you can tell a compelling story about the future. The stories will all be different, but they take the same form: find a small target market, become the best in the world at serving it, take over immediately adjacent markets, widen the aperture of what you’re doing, and capture more and more. Once the operation is quite large, some combination of network effects, technology, scale advantages, or even brand should make it very hard for others to follow. That is the recipe for building valuable businesses.
Don't Mind Me: Zynga's Going Down
My how quickly things can change. On March 21st, 2012 it was formally announced that Zynga would open its purse and buy up mobile game maker OMGPOP. Some blasted Zynga as a lost company throwing its money down the toilet and many more congratulated them for making a savvy investment in a company…
Source: silencedgood
