Why Customer Loyalty is Important
In a study detailed by the Harvard Business Review, it has been shown that improving customer loyalty by just 5% can have profits soaring by up to 95%. In fact, the efforts marketing teams make in acquiring new customers are far more expensive than retaining existing ones.
Loyal customers come in different variants. Many are simply happy to continue buying the brand out of convenience and familiarity. There are those, however, who are known as ‘actively loyal’. These loyal customers can actually benefit a company by actively promoting it.
This week’s Marketing Eggspert round-up is filled with Customer Relationship Management tips- otherwise known as CRM. I’ve included posts about what CRM is, it’s failures and how to fix them, using it for marketing and business growth, how to use it smartly, it’s opportunities and how to choose the right one and lots more.
Business growth is an important attribute of entrepreneurial life. When a person starts a business, he/she has to take care of several factors to establish it and make the desired progress. Despite introducing an exponential business model, many business organisations are forced to shut down their operations soon after launching.
It is because they fail to sustain in the competitive business market and make profits. Manual work and production techniques are also responsible for the untimely demise of several business organisations because they fail to compete with AI-driven business organisations.
That is why several business organisations have started to use CRM software for business growth and expansion. Let’s see how it helps to accelerate business growth.