Focusing on ways to increase customer retention rates is a key to real growth, but you also need to determine whether customers are the right fit for your business.
New business development is a core function of any successful organization. Because so much emphasis is placed on acquiring new customers, often the process of knowing when to keep and when to let go of certain customers is overlooked.
Focusing on ways to increase customer retention rates is a key to real growth, but you also need to decide whether certain customers are the right fit for your business.
By all means, keep looking for ways to increase the size of the pool of qualified sales prospects to sell to, and keep looking for ways to retain your customers; but, if you have customers who take more time than they’re worth, or they’re otherwise unsatisfying, you need to know when to reassess the business relationship.
Before deciding to let go of a business relationship, however, ask the following four questions to help you determine whether the customer is worth keeping.
Read more from the source: MarketingProfs