HOW TO GROW YOUR BUSINESS


As an entrepreneur and business owner, who is looking for ways to make and grow your business, the most important factor to consider and weigh out is:
ATTRITION PLAN AND GOALS:  Many companies fail to include this in their marketing and sales planning strategies, and, as a result, they struggle to build a solid customer base. Growing a company is much more difficult when you are constantly losing customers. To be clear, your goal should not be to keep 100 percent of your customers. Not every new customer is a good fit for your business, nor is 100 percent retention a realistic goal. But you do want to keep a vast majority of your customers. A plan to minimize customer attrition allows the rest of your marketing to grow the business, because you aren’t trying to make up for lost customers before you can start adding new ones.

One of the major problems suffocating many businesses growth is an unknown or inaccurate attrition rate. Once you know your number, it’s easy to make a plan to start adding value and building relationships that decrease your attrition rate. This may be the single most important step to actually increase the growth of your business. The primary analysis of possibilities in the growth of a business includes;
The longer a customer has been with you, the more money they spend with your business.
The longer someone is your customer, the more opportunities you have to get referrals.

These reasons are enough to make business owners focus on decreasing customer attrition.
HOW TO REDUCE CUSTOMER ATTRITION: first and foremost, you have to be aware that having a product and service is not enough. As a competitive business owner, finding ways to focus on retention is a must if you want long-term growth.

The ability to build a relationship with your potential customer is the next step. The customers you build a relationship with tend to be more tolerant when issues arise. Building a relationship with customers is rewarding, you can do this with simple follow ups, emails, newsletters and so many other options. This can help you reduce your attrition numbers as much as possible and keep you in customers mind.

Building a relationship is crucial and important for business growth and customer retention.