The longer a business can retain a customer, the more profitable that customer becomes for them. A study by R J Metrics reveals the top one per cent of your customers bring you more revenue than the bottom 90 percent. Add to this the fact that attracting new customers is far more expensive than servicing your existing customers, it becomes clear that that keeping your most loyal followers happy and maximising the revenue they generate is the most straightforward and cost-effective way of ensuring a healthy bottom line.
In this video speaker, mentor and business transformation specialist Rachel Wotten presents her tried and tested model for categorising your customers and their potential, and how you then create an insight-based sales strategy for each segment to increase your profitability.
If you have insights you’d like to share with small-business owners and would like to contribute a video for ISB TV please email [email protected].