Customers are the lifeblood of a business, as a company cannot generate revenue and earn a profit without customers. In addition to attracting customers through marketing, companies place emphasis on retaining core customers and garnering customer loyalty in competitive industries. Loyal customers create stability in business operations.Know More
The stronger the relationship a customer has with a business, the greater the potential for that business to increase the level of revenue from that customer over time. Also, satisfied customers help recruit new customers through positive word-of-mouth communication. The most effective marketing strategy for a business is often to satisfy current customers who become strong voices in the marketplace.
A customer's lifetime value is one measurement of the financial impact a customer has on a business. By projecting the potential economic value of a customer, a company is able to target strong customers with compelling marketing messages. On the other side, customer churn is a measure of the rate of customer loss. When a company has a high rate of churn, it must often invest significantly in advertising to attract new customers.
New companies often start out with low or modest price points and invest heavily in marketing to grow a customer base, even though it may take months or years to achieve a profit.Learn more about Customer Service
An example of bad customer service is when a company makes false promises in order to get customers in the door and then fails to deliver on the promise. Like all bad customer service, such behavior discourages customers from using that business in the future.Full Answer >
Customer care, or customer service, is important because customers will want to return to the company for more goods or services if they have a positive experience and get the help they need, states Advanced Team Concepts. If a company doesn't meet its customers' needs, it can lose business from existing customers, who might also discourage other potential customers from dealing with the company.Full Answer >
Business strategy is important because it drives the company forward and helps entrepreneurs achieve their vision, according to David DeWolf, the founder and CEO of 3Pillar Global. Strategic initiatives fuel the business and help entrepreneurs balance their consistent progress.Full Answer >
Delivering great customer service to consumers involves adhering to principles, such as being a good listener, making customer needs a top priority, and making customers feel important. When things go wrong, apologize and do whatever it takes to resolve the problem. Another aspect of good customer service is maintaining high employee morale, which leads to employees providing great service to customers.Full Answer >