We've talked before about how to grow your business by selling more to your existing customers. And during these economically challenging times, it seems like that advice is more important than ever, according to the top marketing mind at the nation's biggest electronics retailer. From a marketingprofs.com interview with Barry Judge, Chief Marketing Officer at Best Buy:
Identify and focus [your marketing] investment on your highest-value customers. These customers are your most identifiable and reliable source of revenue and profit across your business; and because they are enthusiasts for your products or services, they will be most likely to continue spending in your categories during a down economy.
Smart businesses know they can't afford to slash their marketing efforts just because sales are down. Smarterones will go one step further and put their marketing dollars into efforts to expand their base by growing their sales to customers who are already sold on them.
