In Strategies that are used by success
In order for companies to increase sales , they need to spend a lot of time and resources in finding new customers. There are multiple ways the companies are able to do this. They can reach new potential customers by using email, salespeople, social media, creating ads, etc.
diverse procurement technique yield client with changing CLV. Many companies also target reoccurring clients by fortifying the advantages they enjoy, and this also helps attract new customers. The marketing funnel and customer profitability analysis are tools that help marketers analyze groups of customers.
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Strategies that are used by success full companies are:-focusing effort on high profit customers: focusing in profitable customers, is essential to keep them loyal. There are many ways that this can be done, for example small gifts, invitations to events, Birthday gestures. These are all ways that can make these profitable customers special.
-reducing the rate of customer desertion:Customer service is essential in this aspects. Employees need to be trained to be informative in regards to the products and be friendly to the customer. These aspects help increase the possibility of the customers to return and be satisfied with their experience. An example of exceptional customer service that’s keep customers coming back is Chic-fil-a, with their trade mark phrase of “‘my pleasure.”-improving the growth potential of each customer: This can be done through share of wallet, up-selling and cross-selling.
These tactics help increase the sales of existing customers. Companies create new opportunities and offers for these customers to keep them happy. -increasing the customer relationships:Being able to have customer stick around is essential and companies are able to do this by being more alluring. For example, Toyota is a very engaging company that attracts customer and keeps them purchasing. Many customers that previously owned Toyota, repurchase a car with them. Their reputation is what keeps customers coming back.
-making low profit customers more profitable or eliminating them:The way marketers try to handle unprofitable customers is to allure them to purchase more or in larger quantities. Sometimes they even ask them to pay higher amounts or fees. Some companies are able to screen customers and determine if they are profitable or not and if they aren’t they are referred to competitors.
Also in order for for some companies to ensure revenue levels, they have started to charge for services that were once free. Terminating low profit customer is a last resource, marketers try not to and that is why they use these tactics.