Attracting new customers is much more difficult than retaining one.
Entrepreneurs face constant and never-ending challenges in this highly competitive business market. Those skilled enough will survive and thrive, resulting in market saturation and success. One of the biggest concerns for entrepreneurs currently is the satisfaction of the customers, as they are the ones to boost your sales.
Franchisors need to understand that in order to win in this cut-throat competition, customer satisfaction is one great weapon to help you succeed. Thus, to guarantee your own success, you must deliver sincere value to your customers by treating them similar to your family.
Customer retention is less expensive than making one
Industrialists claim that it costs approximately five times more to convince new customers than retaining the existing ones. The logic itself is a key highlight of why franchisors should embrace an excellent customer service.
As an entrepreneur, you should think about eliminating the risk of losing your customers, as they will be the building block for your organization.
Existing customers are more likely to purchase for you
Another challenge is to sell your products and services to new customers than your existing customers. A statistic explains that 5-20 percent of investment comes from new customers, whereas, 60-70 percent is from existing customers.
Word-of-mouth marketing is the new era advertising tool
Word-of-mouth advertising is that tool which makes money online and offline, creating an army of fans that champions your business.
There is no way one can buy word-of-mouth advertising. People are more likely to listen to their friends and families than to heed guidance from online reviews and advertisements.