At the world famous Cranfield School of Management’s Business Growth Development programme they spend a lot of time talking about a couple of tasty food analogies; “Squeezing the Lemon” and “Growing the Pie”. As part of the marketing part of the programme these two ideas are at the heart of the growth of any business. So what’s the story behind these culinary concepts for success? Let’s start with the lemon.
The lemon signifies your customer base, and who amongst us can put hand on heart say we get the most out of all our customers? Do we sell as much as we can, are there other products or services we can sell to them, do we sell to all divisions and departments of our customers’ businesses? No, well that’s actually the story for most companies and to add even more zest to the analogy think of your average customer like this; if we’re using a lemon at home more often than not we cut into it and squeeze out what we need and then stick it in the fridge – great, the poached salmon tastes great. The problem is when we go to use the lemon again (sometimes after weeks sitting lonely and forgotten next to the eggs) it’s wrinkled and dried and all that juice has been wasted.
And that’s what happens to new customers; we fail to squeeze the maximum amount of business out of them. After the initial order is won, we don’t pay them enough attention until eventually they go and find another supplier. And if you didn’t know already, it costs up to seven times more to aquire a new customer than look after an existing one. So the moral of the analogy is; get squeezing - before your lemons dry up or someone else does it for you.
Of course, in the light of the above blog, it would be remiss of me not to mention that The Corporate Gifts Company supply a comprehensive selection of promotional items and advdertising merchandise that are perfect for communicating with your customers in a tangible and cost effective way. Whether you want to reinforce your brand values with items such as business card cases or clocks, or say thank you to key customers with an appropriate promotional desk item or personal accessory, The Corporate Gifts Company can help you squeeze your lemons.
Look out for “Growing The Pie” next week!
