5 Ways to Build a Strong Customer Base
Customer endorsements and advocacy hold the key to future business growth. Research shows that the majority of a business’ revenue comes from just 20% of existing customers. This is good news for you as the probability of selling to an existing customer is around 60 to 70%, compared to just five to 20% for a new one – and therefore costing your business five times less than acquiring new customers too. So for most businesses, whilst growing your customer base is indisputably important, keeping your existing customers happy is arguably more so. Here’s fives ways business owners can solidify their firm’s customer retention strategy. 1. Showcase your customers’ happiness Businesses believe only a fraction of their customers leave because of poor customer service but in fact the figure i... »