Customer Relationship Management Tools
By now, you should be very familiar with both the value equation and the marketing funnel. As you know from the value equation, your goal should be to see your revenue grow at the lowest cost possible. We’ve also shared the importance of building customer loyalty and a long-term relationship with your customers. It’s estimated that acquiring a new customer can be five to seven times more expensive than keeping an existing customer.
Strong customer loyalty also reveals what’s going right or wrong before the impact on your business becomes significant. Loyal customers are more willing to tell you what isn’t working. First-time or transactional customers frequently won’t. They simply don’t return. ...
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