Do you know how does a business acquire revenue and grow further? It can only be possible either by getting new customers or by retaining its existing customers.
Pareto’s 80–20 principle is applied in every business, and according to it, 20% of existing customers generate 80% of revenue, while new customers contribute only 20% to the total revenue. So the business should focus on satisfying existing customers rather than acquiring new ones, which will pave the path towards consistent revenue growth. If you aim at increasing customer retention rate, Zoho Implementation will help you to control business interactions with Your Customers through Customer Relationship Management (CRM).
Why Should You Care About Customer Retention?
Your customer retention rate is a number that shows whether your marketing and customer care efforts are fortifying your business or just draining your money.
Customer retention isn’t just about how your marketing and sales teams are doing. When you follow this number, you get to know about the vital changes or switch gears to reach your sales and growth goals.
It’s fair that every business needs new customers, but generating revenue from existing customers is the easiest way ever. 5 major reasons that you should care about customer retention for your business:
* Better Conversion Rates
* Less Marketing
* Higher Profits
* Improvement in Services
* Fewer expenditures
So the businesses should never underestimate the value of customer retention and should start being proactive about keeping their existing customers.
To Know more about Customer Retention
Visit: https://www.codementor.io/jaykaram/5-ways-zoho-crm-increases-customer-retention-11cx8kdrq0
