When you’re just starting a business, it’s tempting to attract clients by whatever manner you can, regardless of the cost, time, or energy involved. However, as you learn and grow you’ll realize that balancing the overall cost of customer acquisition with ROI is essential. To do that, you’ll need to know your customer acquisition cost (CAC). How to Calculate Customer Acquisition Cost To calculate CAC, you just need to divide all of the sales and
SaaS Companies Excel at Customer Success. You Can Too… And Here’s How
Software isn’t just a purchase; it’s a relationship. As it evolves and updates to meet new technology demands, the relationship grows between software providers and the end-user—the customer—as the perpetual buying cycle continues. Software-as-a-service (SaaS) providers often excel in customer service in order to survive because they’re engaged in a perpetual buying cycle in more ways than one. Good customer service helps ensure customer satisfaction, fosters growth through social media and word-of-mouth referrals, and gives
Customer Retention: Statistics, Strategies, and Calculations (CRR vs DRR)
We share quite a bit about acquisition but not enough about customer retention. Great marketing strategies aren’t as simple as driving more and more leads, it’s also about driving the right leads. Retaining customers is always a fraction of the cost of acquiring new ones. With the pandemic, companies hunkered down and weren’t as aggressive at acquiring new products and services. Additionally, in-person sales meetings and marketing conferences severely hampered acquisition strategies at most companies.
Calculator: Predict How Your Online Reviews Will Impact Sales
This calculator provides a predicted increase or decrease in sales based on the number of positive reviews, negative reviews, and resolved reviews that your company has online. If you’re reading this via RSS or email, click through to the site to use the tool: For information on how the formula was developed, read below: Formula for Predicted Increased Sales from Online Reviews Trustpilot is a B2B online review platform for capturing and sharing public reviews
How to Boost Your Sales Post Purchase With An Effective Customer Retention Strategy
In order to thrive and survive in business, business owners must embrace a lot of techniques and tactics. A customer retention strategy is critical because it’s far more effective than any other marketing strategy when it comes to increasing revenues and driving a return on your marketing investment. Acquiring a new customer can cost five times more than retaining an existing customer. Increasing customer retention by 5% can increase profits from 25 to 95%. The success rate of selling to a customer
