Post by prioty237 on Feb 27, 2024 5:51:36 GMT
Over 150 years ago, Charles Darwin released his book “On the Origin of Species”. He forever changed an entire scientific field with his theory of evolution and had a massive impact on the 19 century world. He also kick started a debate that still rages today… The theory of evolution and survival of the fittest can be seen very much in the business world as companies come and go, grow and shrink and one gets absorbed into another. But what comparisons can be drawn from evolutionary biology in the evolution of our businesses and what influence can we exert over our own evolution so that we can adapt to the environment we find ourselves in. To distill Darwin’s theory we look to evolutionary Biologist Ernst Mayer to summarise the key points raised in Darwin’s book, On the Origin of Species. Below I will draw comparisons between Mayer’s summary of Darwin’s points and aspects of our marketing efforts.
Every species is fertile enough that if all offspring survived to reproduce Bolivia Mobile Number List the population would grow If we think of a species as our market segment and the customers within that market segment as the population. Then if our business is good enough, we have the potential for the population to grow. But what of being fertile and surviving? Well maybe we can look at the lifetime of our customers. How long do they stay with us? If we can increase the length of time out customers stay with us then customer retention (survival) increases and our population (customers) will grow. If we also provide a good message to market match for our market segment then we can attract more new customers and our population will also grow. If we have done our market research correctly, before even going after a market segment then we should be fairly certain that segment is fertile enough to support our business.
And if customers stick with our business into maturity then the population of lifetime customers will continue to grow until we become number 1 in that market. What you can do today Look at your top landing pages on your Website. Where is the traffic coming from. Is there a good message to market match between where they are coming from and your landing page and is there an obvious call to action on the landing page. Despite periodic fluctuations, populations remain roughly the same size If we make no attempt to grow our business then we recruit new customers at a steady rate and customers stay for a while, but leave at a steady rate, our business stays roughly the same size. We might spend lots of money on attracting new customers but maybe don’t put the work in to make sure they stay with us.
Every species is fertile enough that if all offspring survived to reproduce Bolivia Mobile Number List the population would grow If we think of a species as our market segment and the customers within that market segment as the population. Then if our business is good enough, we have the potential for the population to grow. But what of being fertile and surviving? Well maybe we can look at the lifetime of our customers. How long do they stay with us? If we can increase the length of time out customers stay with us then customer retention (survival) increases and our population (customers) will grow. If we also provide a good message to market match for our market segment then we can attract more new customers and our population will also grow. If we have done our market research correctly, before even going after a market segment then we should be fairly certain that segment is fertile enough to support our business.
And if customers stick with our business into maturity then the population of lifetime customers will continue to grow until we become number 1 in that market. What you can do today Look at your top landing pages on your Website. Where is the traffic coming from. Is there a good message to market match between where they are coming from and your landing page and is there an obvious call to action on the landing page. Despite periodic fluctuations, populations remain roughly the same size If we make no attempt to grow our business then we recruit new customers at a steady rate and customers stay for a while, but leave at a steady rate, our business stays roughly the same size. We might spend lots of money on attracting new customers but maybe don’t put the work in to make sure they stay with us.