If you want your online business to keep pace, you need to find new customers and retain existing ones.
According to Internet Retailer, Amazon grew its business 40.6% last year. If we're being honest about the world of e-commerce, the reality is that there's Amazon, and then there's everyone else. Amazon sets the standard.
But let's ignore Amazon's $48 billion in revenue and focus instead on its growth number: Did your business (or your client's) also grow 40% last year? If so, congratulations--you're killing it. If not, let's talk about why. Maybe you're farming without hunting.
The old adage is that there are two types of salespeople: hunters and farmers. The hunter goes after new deals, always on the prowl, and the farmer is more comfortable tilling the soil of customer relationships to cultivate continued business.
It turns out that these two approaches don't just apply to salespeople--they apply to a company's online marketing strategy, too. To generate substantial growth like Amazon, your company needs to be both the hunter AND the farmer. That is, you need to hunt for new and lapsed customers, while farming your relationship with existing ones.
Does your current online marketing strategy devote the right dollars and incentives to obtaining new or lapsed customers WHILE retaining existing ones, or are you stuck merely feeding off the bottom of the sales funnel?