When it comes to growing their startups, many entrepreneurs are so focused on gaining new clients and customers that they fail to effectively address the need to retain those they already have. This is counterproductive considering that it’s far easier (about 50% easier according to Marketing Metrics) to sell to existing customers than to brand new prospects. All gung-ho and fresh out of the gate, startup entrepreneurs often find it more exciting to focus on customer addition, but ignoring customer attrition could eventually spell their downfall. In the spirit of Ben Franklin’s age-old idiom that “a bird in the hand is worth two in the bush”, here’s a look at five customer retention tips for entrepreneurs.
Never Underestimate the Value of Retention
For those who feel that customer retention plays a relatively minor role in helping a company grow a healthy bottom line, here are a few…
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