So what can be the topmost priority for a business?
Is it a lead, your sales reps are running after or current customers, your reps might be avoiding to chase new leads?
When we talk about profits, the first thing that hits our mind is the more number of prospects in our pipeline. You might be an expert in acquiring leads but with time it is very much necessary to nurture bond with customers. Fetching new leads is the best way to boost your market share but delighting your existing customers will not only help you build loyal customers but in turn provide you brand advocates. According to the Harvard Business School, “increasing customer retention rates by 5 percent increases profits by 25 percent to 95 percent.” Your current business goals need to be customer-centric in order to assure revenue inflow and repeat purchase. This is where customer retention plays the most important role. It is said that if you have a sound customer retention strategy, you have the best business strategy of all.
The below infographic by cognition highlights the importance of budding bonds with customers and what can be done to decrease the rate of customer churn. Let’s have a look at the infographic: