Philip Kotler is one of the best marketing minds the world has ever seen. In one of his books, Kotler had suggested that the average company looses anywhere between 10 to 30 percent of customers each year. Although a number of studies disagree with this figure, there is a consensus here that customer churn, at least some of it, is unavoidable. There are several reasons why a customer chooses to stop doing business with you. Some of it is internal - for example, the customer may no longer … [Read more...]
How to Ensure Your Hospitality Business Has a Loyal Customer Base
Do you understand the importance of cultivating a loyal customer base? Whether you’re a one-man-band café owner or run a global giant, retaining existing customers is much more desirable for your business than having to create new ones. In fact, it costs five times as much to gain a new customer as it does to retain an existing one. Here’s why: in an already saturated consumer market, customers are understandably spoiled for options. They’ll need a lot more convincing to decide on a … [Read more...]
How to Create a Seamless Customer Experience with Acquire
Organizations are running a marathon competing against each other. The goal is not to get to the finish line on a race track, but to clinch the trophy in the market: customers. You put on your sporting shoes and run like your life depends on it. You get to the customers long before your competitors. Now you have them all to yourself, but you are having a hard time managing them. In the heat of the moment, all you could think of was to acquire customers. It never occurred to you that … [Read more...]
Know Everything You Have to About User Retention
A user-seller relationship is more than a business transaction. In order to keep a business stable and going, you need the loyalty of your users more than their initial introduction to your product. In short, you need to prioritize user retention. How Do You Crack the User Retention Code? After all, loyal users are satisfied and happy users. Getting the users initially to purchase a product is a good validation of the product's quality at the beginning. But given the competition … [Read more...]
5 Prominent Ways to Deliver the Best Customer Service Experience
“Courteous treatment will make a customer a walking advertisement”: J.C. Penny Corporations around the world spend billions of dollars on advertisements every single year. In the United States alone, companies will spend nearly $200 billion on ads this calendar year, and that figure is set to increase by 10% by 2018. With such staggering numbers, perhaps companies should change their policies and spend more time and resources on customers themselves? Following the logic of J.C. Penny’s … [Read more...]
