A business that brings in new customers, but is poor at retaining existing customers, is not likely to be operating at optimal performance.
Making sales to new customers is six to nine times more expensive than retaining existing customers with a recurring monthly, or perhaps quarterly order. As such, losing customers can present a major challenge to any business.
There are many reasons why a customer may cease to purchase your products. In this blog, we will explore three common reasons why businesses lose customers, and then discuss how businesses can avoid losing customers without having to spend large amounts of time looking through individual accounts.
Your customers may not be aware of your full product range
A common reason for customers to stop buying from a distributor or manufacturer, is because they are not aware of the full product range on offer. This may cause them to start purchasing a few items from a competitor. Once this occurs, the competitor is given the chance to offer discounts on bundled items. As a result, they may win the business of your customer.
This is an excerpt from our blog. Read the full article here.
Category: Business Intelligence Software Company about: Phocas Software is a leading business intelligence software firm created by Myles Glashier and Paul Magee in 1999. Phocas has built its model on exceeding customer expectations. We help our customers make data-driven business decisions, uncover new sales opportunities and improve business efficiency by offering an integrated data solution. Whether you are an IT Manager who would like to spend less time performing reports, a Finance professional looking for a quicker way to drill down on a P&am ...
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