Why It’s Important to Develop a customer retention Program

While every business owner understands the value of an established customer, few make deliberate efforts to retain such customers. In fact, most companies will spend vast amounts of money trying to acquire new customers without paying attention to existing customers. The business owners who fail to take care of existing customers normally assume that they have already captured the old customer and do not therefore need to spend time and money cultivating loyalty. This, however, is actually wrong. The old customer needs more attention than a new one and every company should have a customer retention plan in place.

Why old customers are critical for any business
Most businesses depend on their old customers. A company that has a group of repeat customers will be miles ahead of one that depends on new ones. Losing an old customer could therefore be unbearable for your business.

For starters, the cost of acquiring a new customer is many times higher than the cost of retaining an old one. Secondly, a first-time customer is most likely to only make a trial purchase – since he or she has not experienced your products or services before, the amount the customer spends will be limited. If the customer then gets a great experience, he or she will come back and make an even bigger purchase.

Research has also shown that close to 90% of customers never come back if their first experience is unsatisfactory. Not only do such customers give your business a wide berth, they are also likely to share their horrible experiences with friends and this will also make you lose many more potential customers.…

ImportantFacts about Business Marketing One Needs To Know

Business marketing is a strategy that is used in the process of marketing by individuals of a particular business or a group of individuals involved in business. It can be adopted by commercial organizations, government bodies, and private institutes as well. This strategy helps them grow their business and get their products sold to the customers and get support for the work. At times, business marketing is termed as trade marketing that allows the process of involving the government too.


The markets and the goals of business market:

The markets in case of business markets have a demand that comes from the side of the consumers. The demands here are rooted to the customers and due to this, it makes its business. As an illustration, it can be marked that the government of a country goes for a process to buy hydroelectric energy from other countries. This situation erupts because of the needs of the consumers. This makes a point clear that a business market can never emerge isolated.

Business marketing strategies:

  • The product and services:

The product being an important aspect in the business marketing plays a vital role in the process too. The product or the service being offered is what the organization would be answerable with. So it needs to appealing and interesting as well.

  • Target audience:

The target audience is who the company caters to. The products and services are to review by the target audience, and hence they play a vital role in the business marketing process.

  • Price

It is the factor that somehow runs the business. The price of the product and services are what the customers will spend to own them. So proper pricing is an important step to be taken while the process of business marketing is done.

  • Selling and distributing the products:

It is important to choose the best method to sell the products. The methods of selling decide the success of the products.  As an example, if a product made for the rural population is made to be sold via the internet, it would suffer a huge loss. The target audience won’t be able to find it in the first place. So it is important to decide the best way of channeling the products to the consumers.

  • Proper process of campaigning:

It is important to make sure that the product is brought to the attention of the consumers with the help of communication in an apt manner. Sometimes consumers fail to understand the motto behind the product and hence it doesn’t reach out to the audience wisely.

  • Position:

A business marketing process always involves the step of checking the stand of the house against the competitors. A survey research about the position of the competing brands is needed to be done so that it would assure of the steps to be taken and amendments to be done.

Steps to business marketing:

In the current scenario, there are many methods that can be chosen to promote the business. Some of the basic and common methods are as follows.

  • Trading events:

They play an important role in making a business visible because the footfall in the event makes it all to prove the visibility in the event.

  • Electronic and broadcast media:

Today, the internet is the web that connects almost all the literate population, and hence it plays a major role in business marketing.

  • Advertisements:

They are sources of all the popularity of the products and hence behind the success and visibility of any products and service, it is advertisements that make it popular.