Many business leaders subscribe to the old adage that it costs more to win a new customer than to retain an existing one, also known as the “80/20” rule – stating that 20 percent of your customers represent 80 percent of your sales. This is actually a fallacy and usually leads to higher churn rates due to misaligned customers who will likely jump ship after a short time.

It’s difficult to drive a profit margin if you’re chasing the back of the cart. Instead, companies should focus their energy, resources and investments into delivering high-value products or services that solve the real-world pain points of their target customers. Rather than bleeding themselves dry to stop potential turnover, this growth-minded approach leads with a customer priority-centric view that enables the business to produce what their customers actually require. With that model in place, churn naturally reduces due to increased alignment with customer needs and the resulting customer engagement. 

This concept is easier said than done, but it is long overdue. Solution providers must build their businesses around a foundation of sound offerings that are designed to meet their target audience’s specific needs – and be willing to adapt their products as those needs rapidly evolve. This will ultimately lead to organic growth and remove the threat of churn overall.

– Bill Dinan is the president of the not-for-profit trade association Localogy 

The dust has settled on another holiday shopping season, and now it’s time to evaluate and analyze what went right for advertisers. As usual, brands and agencies turned to the tried and true ad channels. This year, however, there was a new entry to the list — Connected TV (CTV).

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Brady Brewer has been promoted to the role of CMO at Starbucks, reporting directly to the company’s COO, Roz Brewer. As CMO, Brewer will lead the development and execution of the company’s marketing plans, as well as manage the food and beverage portfolio, the digital customer experience, creative and brand management, data analytics, and consumer insights. An 18-year veteran of Starbucks, Brewer previously led the company’s digital customer experience and was responsible for product discovery, ordering, payment, pick up, delivery and more. Brewer will continue to lean on that experience in his new role, with a focus on making further progress on creating a frictionless customer experience between the company’s online portal and physical stores.

Tailored Brands, Inc. – the company behind retailers like Men’s Wearhouse, Jos. A. Bank, and Moore’s Clothing for Men – announced last week the appointment of Carolyn Pollock as CMO. She will report to the company’s chief customer officer, Carrie Ask, and will oversee marketing for all of the company’s retail brands. Pollock boasts more than ten years of experience in consulting and interim marketing leadership roles at established companies such as eBay, Dolby, and Facebook, as well as leading startups like Thumbtack, Dashlane, and One Kings Lane. Prior to consulting, Ms. Pollock held marketing leadership roles at eBay and started her career with Unilever and Labatt Breweries of Canada.

Former Procter & Gamble Co. brand manager Amanda Clark has been hired by Papa John’s International Inc. as chief development officer, responsible for leading the company’s strategy to expand its restaurant footprint in North America and internationally. She will oversee franchise development and sales, building design and new concepts for Louisville-based Papa John’s. The company’s CEO, Rob Lynch, is also a P&G veteran. 

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Forget The Cookie Apocalypse. Here Comes The ‘Adtech Renaissance’  – Forbes

Two months into 2020, 6 retailers have named or laid off a CMO  – Marketing Dive

How to Stop Getting Bogus Leads from Facebook Ads – Street Fight

EU industry chief tells Facebook to adapt to EU, not other way round – Reuters

Adobe’s product chief explains how pro apps are changing in response to TikTok – The Verge

Success in Mobile Commerce Requires a Mobile-Specific Strategy – Practical Ecommerce

Web traffic increases in 2019 were driven by mobile; top 100 sites saw average of 223B monthly visits – TechCrunch