When doing business, one of our concerns is how to increase profits. Even if the business has been standing for years already, it is not an assurance that it will stay that way. Don't put off your guard. Be alert especially on how to increase your profits.
The secret to increasing profits is your clients. Increase in customer retention results in an astonishing increase in profitability. A survey has been done regarding the customer retention and the increase in profits. Surprisingly, the results showed that a 5% increase in the customer retention, eventually resulted in 25% to 100% increase profits. This must be because of the emotional connection you and your customer developed. The fact that you have been dealing with them for a period of time might be of great advantage. Trust has been developed and cultivated, wherein continuous dealings have been done. This must be the powerful force that keeps your customers coming back, and in return, improving your profits. This is the key on how to increase profits.
Furthermore, a connection between the employees, the customers and the investors will enhance the profit increase. Loyalty is then nurtured and valued; this is the roots that need to be protected. Through this, your valued customers will become loyal to your business and they will definitely keep on coming back to your business and continue purchasing the products you are offering. Your valued customers in return will speak highly of you and there is a big chance that they will refer you to relatives, friends or even business associates. This is just one concrete example on how customer retention helps you to increase profits within your business.
The advantages of this customer retention are many. One of the advantages is the continuing patronage that they show and because they are satisfied with your services and products, they will definitely recommend you to someone and chances are, the recommended party will be loyal also. Another is that there will be employee retention. With employee retention, your customers will have an impression that you are managing them well; in return, increase in customer retention will happen, simply because of the familiarity and better service. These are just some of the advantages customer retention can give you.
So you better start now, find better ways to sustain loyal customers. Investments may be involved to have better business but the results will be greater. Customer retention is not only beneficial for you but also to your employees, customers and investors. Not only will there be an increase in profits, but clients are satisfied as well.
The secret to increasing profits is your clients. Increase in customer retention results in an astonishing increase in profitability. A survey has been done regarding the customer retention and the increase in profits. Surprisingly, the results showed that a 5% increase in the customer retention, eventually resulted in 25% to 100% increase profits. This must be because of the emotional connection you and your customer developed. The fact that you have been dealing with them for a period of time might be of great advantage. Trust has been developed and cultivated, wherein continuous dealings have been done. This must be the powerful force that keeps your customers coming back, and in return, improving your profits. This is the key on how to increase profits.
Furthermore, a connection between the employees, the customers and the investors will enhance the profit increase. Loyalty is then nurtured and valued; this is the roots that need to be protected. Through this, your valued customers will become loyal to your business and they will definitely keep on coming back to your business and continue purchasing the products you are offering. Your valued customers in return will speak highly of you and there is a big chance that they will refer you to relatives, friends or even business associates. This is just one concrete example on how customer retention helps you to increase profits within your business.
The advantages of this customer retention are many. One of the advantages is the continuing patronage that they show and because they are satisfied with your services and products, they will definitely recommend you to someone and chances are, the recommended party will be loyal also. Another is that there will be employee retention. With employee retention, your customers will have an impression that you are managing them well; in return, increase in customer retention will happen, simply because of the familiarity and better service. These are just some of the advantages customer retention can give you.
So you better start now, find better ways to sustain loyal customers. Investments may be involved to have better business but the results will be greater. Customer retention is not only beneficial for you but also to your employees, customers and investors. Not only will there be an increase in profits, but clients are satisfied as well.
About the Author:
CMOE has been helping companies to increase profits since 1978. Through leadership development and other innovative business techniques CMOE has established themselves a leader in the business world. Visit www.cmoe.com for more information.
