Savvy business owners know that customer retention is worth its weight in gold. The numbers say it all: it costs five times more to bring in a new customer than it does to maintain a current one and the odds of making a sale to a current customer are 60-70 percent compared to only a 5-20 percent chance of selling to a new lead. That’s why you need to develop post-purchase strategies: in order to enhance customer loyalty and drive revenue. While many businesses tend to focus their efforts on pre-purchase marketing, solid post-purchase tactics can extend the effects of your hard-won sales and keep the retail ball rolling.
“As an entrepreneur, you have to be OK with failure. If you’re not failing, you’re likely not pushing yourself hard enough." - Alexa Von Tobel, Founder of LearnVest No new email sign ups. Search traffic has hit a wall. Only your aunt likes your Facebook posts. Your online business has flat-lined. A wave of doubt sweeps into your mind. I’ve been there. I feel your pain. There comes a time when your growth will slow down and it’ll probably happen sooner than later. Steve Blank, a Silicon Valley serial-entrepreneur, calls this first wall in a startup’s life the "trough of sorrow”. Here’s what to do when things stop working:
Customer development is a term from the Lean Startup methodology that refers to the process of talking with and surveying potential customers to build a product that solves a real need. Customer development is considered a key component of finding product/market fit which is the essential foundation of sustainable growth. Learn how to do customer development to help you find product/market fit.
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