Have you ever wondered what the value of a customer is to your organization? Many companies tend to spend more time and money trying to gain new customers than retaining existing customers. It’s been reported through several studies that the average company in the U.S. spends six times more money on efforts to attract new customers than it does on efforts designed to nurture and keep its existing customers.
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According to the author – you are no longer in control of your company’s destiny. The revolution is based on customers demanding that businesses change their pricing structure, distribution channels and the way that companies design and deliver products and services. In the customer economy, loyal customers have become the most precious commodity. Today the hardest thing for a company to acquire is not investment capital, products, employees, or even a brand. It’s customer loyalty.
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While many companies update their strategic plans during the fall of each year, we are often asked about the essentials of a well thought-out plan. Over the years SPG has developed a checklist which provides some assistance in developing a plan. A few key checkpoint items include:
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