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What is customer acquisition cost? It is the cost of attracting prospective customers, plus the cost of the sales effort exerted to guide them toward making a purchase and becoming a customer. It is important for businesses to know whether their marketing and sales efforts are profitable. They can discover whether they are by comparing… …
Customer attrition refers to the loss of customers who stop supporting your business. Although this simple customer attrition definition is easy to achieve, addressing the problem is rather more complex. As a side note, you may wonder about customer attrition vs churn. In essence, they have the same meaning. In this article, we will share… …
It’s a competitive business environment, and pleasing customers enough to win their loyalty requires much more than providing great products. This leads us toward a renewed focus on customers and how they experience our businesses. At every stage of the sales funnel and beyond it, our businesses create impressions that combine to form an overall… …
It’s no secret: customers buy products from companies they like, and if they continue to like the business after their first purchase, they’re more likely to buy again or even become long-term customers. None of this happens by accident. It’s up to you to provide customers with experiences that keep them coming back for more…. …
There are so many buzzwords with little meaning doing the rounds these days, but “customer loyalty” isn’t among them. It’s a concept that goes back for centuries, and its benefits are very real indeed. So, what is customer loyalty, and why would you want to prioritise it? Customer loyalty means that people will keep buying… …
What is customer lifetime value? Once you have converted a prospect and gained a customer, they will either keep buying from you whenever they need your products or services, or move on. If you only make that one sale, that’s the lifetime value of that customer. But if they return month after month or year… …
You can see how your customers behave when they buy goods or services from you, but do you know what they’re thinking and feeling? Customer behaviour is the product of emotional and mental triggers that influence purchasing decisions – including deciding not to make a purchase. If you can truly understand these triggers, it places… …
You’ve probably heard of upselling, and you may have heard the word used in a negative context. But that’s only because there have been companies who didn’t use it in the way they should have. The truth is that upselling, meaning upselling done correctly, can benefit both you and your customers. In this article, we’ll… …
Customer acquisition, or getting new customers, is something every business wants to do. Even when you have a loyal customer base, there’ll always be some degree of “churn,” customers that stop buying from you for one reason or another. Whether you have an established business or are just starting out, your ability to acquire new… …
What is customer retention? As the name suggests, it refers to your business’s ability to keep its customers. But behind this simplistic definition lies a wealth of food for thought. There are customer retention metrics to see how you’re doing, and there’s your need for a clear and consistent customer retention strategy to consider. A… …