16% higher than non-referrals – the lifetime value for new referral customer   Donald Trump is, perhaps, the most talked-about US President in history. One of his features, viewed variously as good or bad, is his background in property and the extent to which that has made him transactional in his thinking. While I would […]

16% higher than non-referrals – the lifetime value for new referral customer   Donald Trump is, perhaps, the most talked-about US President in history. One of his features, viewed variously as good or bad, is his background in property and the extent to which that has made him transactional in his thinking. While I would agree that Donald Trump is very ‘transactional’, I would argue that this is not necessarily a consequence of his background in property. While property people can be transactional – in my experience – most businesses are inherently more transactional than they should be. This observation reflects my concerns about advertising and promotion. Despite all of the data to the contrary, many businesses still seem to think that promotion is the key to success in business and believe that there is a direct relationship between the level investment in promotion (specifically advertising) and revenue. The fact is, however,…