The Secret to a Thriving Business in 2016 Is …

"smiles," © 2009 Alex, used under a Creative Commons Attribution license.

“smiles,” © 2009 Alex, used under a Creative Commons Attribution license.

… customer service. As Jim has written before: Good service is the best marketing money you’ll ever spend.

In John Boitnott’s Inc. article, he reports that while new client acquisition is a key component of a successful business, client retention is the foundation of a sustainable brand.

Boitnott continues: “Research indicates that acquiring a new customer costs at least five times more than retaining a current customer. Also, returning customers spend, on average, 67 percent more than new customers.”

So what, he asks, are three keys to building a thriving, customer-driven business in 2016? We’ve listed the three ways below, but for more details read his entire article here.

Make Them Feel Truly Known: Today’s customers have an overabundance of choices and will happily dump an impersonal brand for one that pleases them with personalized offerings.

Rate Them Ruthlessly: Every customer must be treated with respect. But not every customer is equally desirable. According to Gartner group, 80 percent of your revenue comes from just 20 percent of your customers.

Delight Only the Best: Once you have identified your brand evangelists, you need to sweep them off their feet.

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