Regardless of the industry or product, customers are the most important component in a business’s success and growth. Businesses go to great lengths to acquire and more importantly retain their existing customers. Customer satisfaction links directly to revenue growth, business credibility, and reputation. These are all key factors in a sustainable and long-term business growth strategy.
Given the marketing and operational costs of customer acquisition and satisfaction, and how costly losing a customer to a competitor can be, generally it’s less costly to retain new customers. Therefore, it’s crucial for businesses to understand why and when a …
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