Keep Customers Happy – How To Meet Revenue Numbers By Not Losing Business … Customer Retention
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.
