Keep Customers Happy – How To Meet Revenue Numbers By Not Losing Business

Keep Customers Happy – How To Meet Revenue Numbers By Not Losing Business

The reality was staring me right in the face, as I peered at our Year on Year sales numbers.
I was seeing more GROWTH from EXISTING customers … than I was from closing NEW customers.
Not surprising for a mature product line
But hold your horses !
What about that brand spanking new product line that you just launched?
What about Start-up businesses getting off the ground?
Should they first focus on retention or upon closing new customers?
You see, there’s a shift in your sales and marketing approach that you need to make.
Indeed, a Bain & Co. and Harvard Business Review study estimates a 5% increase in retention results in 25% – 100% increase in profits
The answer is that you need to ingrain a customer retention program in your day to day operations and do it as quickly as possible, at the SAME time that you are growing your new customer base.

Expand Your Ecosystem – Grow Your Business

Expand Your Ecosystem – Grow Your Business

I was bringing a new version of my set top box chip-set to market … and we had major competition.
To a customer, choice is a brilliant thing …
But to a business manager like myself, I now could look forward to a longer sales cycle, more customer retention efforts …. and… worse still, pricing pressure.
You see, in the hardware business, we would soak up millions in upfront product development and test costs..
…. So margins mattered.
What would stop CUSTOMERS from seeing us as a commodity?
The answer lay in stacking the value that I delivered.
An ECOSYSTEM
… That made customers more competitive – A win for them.
… That increased organic account growth and my products’ stickiness – A business win for me.