Successful organisations like Apple aren't just doing things ad hoc. Everything is planned strategically for the long game.
So to Number Five of The five keys to Apple’s brand success – Focus on Long Term Success, not short term gains.
A recent survey of small businesses showed 46% of those that failed came down to a lack of planning. In a ever changing market place, demanding consumers, increased competition and fast paced technology if you fail to plan for the future then you are probably planning to fail.
What you invest in marketing and growing your brand needs to be measured on longer term results instead of instant return. For example …
Say you spent $2000 on a marketing campaign and your average customer purchase was $65 – you would think you need about 31 new customers to cover the costs. However, if your customer is looked after and stays for three years and buys from you once a month that’s $2340 - so you would need just one new customer to cover your marketing costs.
So to recap on Apple’s keys for brand success …
- Engage your team – the healthiest ideas come from vigorous debate
- Don’t take short cuts – it’s hard work that produces great products
- Forget about trying to be ‘the best at everything’- find your niche and stick to it!
- Love your customers
- Focus on long term success instead of short term gains
I’m Tony Eades from the BrandManager and I’ll be back soon with another Marketing Minute.
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