Meatloaf Got it Wrong...continued
Retain. With retention rates at all time lows and customer loyalty harder to come by, it is important to prove your value to your customer on an on-going basis. In the “good old days”, we could get by on being just good enough. But in the 21st Century, performance is not a nice to have but a must-have in order to keep your customers for the long haul.
Picture a stool. You can be supported quite comfortably on one that has three legs. But have you ever tried to support yourself for any length of time on a stool that only has two legs? If you have great marketing that helps you find customers and a great sales effort that helps you get customers but an inadequate customer service effort that does not allow you to keep what you’ve gained, then what have you got? Or, if you have good sales production and convert most of your opportunities and good customer service and keep almost all that you earn but marketing does not drive enough opportunities to sustain your organization, what have you got? A one or two-legged stool will only get you so far.
Meatloaf was wrong. Two out of three is not enough. If you only have two pieces of the business development puzzle that work, eventually, you might not be eating anything but meatloaf for dinner.