HOW TO INCREASE YOUR CUSTOMER BASE
- One of the main factors which influence the marketing is the size of the customer base present with the market. Having a large customer base is a good sign for a company.
How to increase your customer base:
- By reducing the rate of customer defection: A defection rate is the rate at which a customer leaves a particular brand/company. Thus by decreasing defection rate, a company is indirectly increasing its customer retention.
- By increasing the longevity of customer relationship: Increase custoner involvement by taking feedback from the customer and at the same time to implement the features that are important to customer. This increases
customer involvement and ensures that the consumer receiving attention.
- Increasing the value of existing customers: This method can be besy observed in banks. The concept of increasing value of existing customer is quite capable of purchasing different products from the product portfolio.
- Customer base and profitabilty: This is absolutely important for a new company as well as for an existing company to evaluate the custoer base against profitability. Having a large customer base but having low profitability
does not give a sustainable competitive advantage.
Designed by: Eye Candy Infographic | Source: http://www.marketing91.com/increase-customer-base.