A few years ago, I listened in on a teleseminar with Michael Masterson, a very successful business man affiliated with the giant publishing company AGORA, Inc.
On the teleseminar, Michael explained that one of the reasons for AGORA’S quick growth was their philosophy of “sharing” their customer files with their “competitors.”
He went on to explain that each AGORA “franchise” pretty much operates like an independent business… except for one thing.
And that thing is that every so often, they have to open up their customer files and let the other parts of AGORA send them promotions.
Doesn’t really sound like a smart business move does it?
Opening up your customer files for your “competitors?”
I didn’t think so when I first heard it. My first impression was, “Boy, these guys are either really dumb, or I have a lot to learn.”
Well, fast forward a few years… I’ve learned a lot. And I now understand the real genius behind the strategy.
AGORA has focused on the core needs and wants of most of the people in their universe… things like health, wealth, business, travel, etc.
That way, a financial customer is still a viable lead for the health products… or the wealth products… or business products.
And therefore, the lifetime value of a customer is almost infinitely expandable…
AGORA slices and dices their products and services to meet almost anyone, with any need, at any price point, in several different media.
You can create a really profitable company with that being true. And that’s what AGORA does.
Lots of products, lots of customers… LOTS of opportunity.
And by letting their “competition” send promotions to their file, each
“franchise” has a built in “universe expander…”
The list of quality names to market to keeps expanding.
So what can we learn from this?
Why not take AGORA’S focus on a paying CUSTOMER (which is what the old school direct marketers did) and the long term development of that customer a priority in your business?
Why not focus on building a stable business structure that addresses all of the needs and wants of your customers… at different price points, in different media?
That way, you’ll deliver far more value to your customer and they’ll send you far more value in return.
Related posts: