Stan Phelps is the owner of 9 INCH marketing, a marketing company based out of North Carolina. In JAMA’s July Breakfast presented the topic Retention vs. Acquisition and discussed how it can be more profitable to focus on retaining one’s customers over always looking for the next customer.
Before I discuss the presentation, let me point out that the 9 INCH in 9 INCH marketing represents the space between the bottom of the brain and the top of the heart… What were you thinking?
“My work is focused on the value of customer experience as a competitive differentiator and the importance of employee engagement in building a strong corporate culture.” – Stan Phelps
Stan is the Man
Stan was a fabulous entertaining speaker. His mixture of statistics, humor and original concepts made for a great presentation. The concept he focused on is also featured in one of his books, Purple Goldfish. Stan illustrated how an average goldfish is three inches but can grow to be over 20 inches depending on five key factors. Those five factors can be compared to five factors that can greatly effect a businesses growth.
The following excerpt is taken from Stan’s Purple Goldfish website:
The size of a goldfish (i.e. your business) is dependent on five important factors:
- Size of the environment (i.e. the market)
- Amount of goldfish in the same environment (i.e. the competition)
- Quality of the water (i.e. the business environment / economy)
- Treatment during its first 120 days (i.e. start-up)
- Genetic makeup (i.e. differentiation)
The only factor you have control over is how you differentiate your product or service. How do you stand out in a “sea of sameness.”
Key Take Aways:
- Take time to focus on what makes you unique and memorable
- Focus on making a great experience for your customers
- Survey your customers and others to get a better reflection of what people perceive of you
Coincidentally these principals of being unique are also the foundations of my company, Rock My Image. If you’re going to get in the game, be unique and memorable or you will be forgotten.
What do you do in your business that makes you unique or interesting?