This Business News Story Was Uncovered By Us From: https://www.under30ceo.com/stop-focusing-on-funding-and-start-focusing-on-customer-retention/
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It’s only natural you would want to grow your small business through funding. After all, you can receive various benefits from a startup loan. However, there are some downsides to having a loan for your new company. Focusing on customer retention instead provides long-term possibilities for entrepreneurs they may not get from funding. According to Bain & Company, a 5% increase in retaining patrons can increase your business’s revenue by more than 25%.
Paying attention to keeping customers can help your business run smoother long term. Here’s a closer look at why this is a better strategy than funding.
Customer Retention Costs Less
Suppose you get funding for your new startup and use it to invest in marketing to gain more shoppers. Unfortunately, this form of acquisition doesn’t have as many promising results as most people are wary of which companies they buy from today. This can make things financially painful for your company as a result.
Most companies find customer retention is more cost-efficient — all you need is proper communication with your audience. For example, when you respond quickly to queries, your team can focus on delivering quality post-sale services. From there, it becomes easier to retain them.
Consider using a customer engagement platform that offers affordable and reliable services. Engaging existing consumers and focusing on their satisfaction helps you save time and money.
Funding Can Restrict Cash Flow
When you acquire a business loan, the terms typically require interest and principal alongside your monthly payments. While you need money to start, monthly payment obligations may confine how much you take home and prevent business growth.
Startup funds are restrictive to your company, especially if you have limited cash flow. You have a better chance of growing your startup with significant sales earnings rather than focusing on funding.
Funding to acquire new customers take… Read More
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