Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’.
When external change outpaces internal adaptation, businesses often experience what’s known as organisational lag, the inside can’t keep up. This can lead to reduced competitiveness, employee disengagement, and customer churn.
Three key takeaways
- Don’t fall into the trap of addictive acquisition.
- It’s an unsustainable growth model.
- Gives a false sense of progress, often masking poor internal performance.
Episode timestamps
- [0.55) Don’t fall into the trap of only thinking of growing your business by acquiring new customers. A new customer will cost you 5 – 25 times more to acquire than it is to increase your existing customers. Improving your retention rates by 10% will have a more significant impact. Don’t fall for an illusion of success – new customer acquisitions may look impressive, but profitability, cash flow, or customer retention can suffer.
- [2.59] Think of your sales strategy as your AMR strategy – acquisition of new customers, maximising the value of your existing customers and retaining your existing customers. These are the three key pillars to your growth plans.
- [4.30] Each pillar – acquisition, maximisation and retention – requires different strategies, initiatives, and skillsets to implement.
- [5.27] Reach out to Royston for your copy of the seven most fatal mistakes business owners make.
Do you have a question for the Business Coach?
Send your questions to askthebusinesscoach@channeleye.media
Missed a previous episode? Catch-up and watch the series here.
