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Dave Friedman's avatar

Great post. I recently spoke with someone who runs a software consulting firm. He built his business by referrals, and he was complaining to me that he was having trouble finding new clients, due to a poorly managed strategic relationship with another company that was supposed to channel referrals to his company. I told him that referrals-based businesses are non-scalable, and that if he wanted to acquire more customers he needed to build out a leads funnel--essentially, a marketing function to capture leads. I even sketched it out for him (and wrote about how to build one here: https://davefriedman.substack.com/p/how-to-build-a-leads-funnel-to-supercharge). But he didn't see the value. I think that a lot of non-marketing executives are focused on the upfront expenses inherent in marketing, and ignore the long-term revenue gains that are generated from effective marketing campaigns.

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Robert Collings's avatar

Excellent assessment. The CMO is a business function. Understand that and everything follows.

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