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Focus on Quality Over Quantity and Watch Your Profit Grow!

January 10, 2013

Daily ReadFocus on Quality Over Quantity and Watch Your Profit Grow!

Profitable growth is more achievable if you focus on identifying your most valuable customers–and keeping them happy. To do this you need to understand your customers from an internal and external perspective and thus better position your company to capture market share instead of losing it due to low customer satisfaction.  Focus on these 3 initiatives to concentrate of quality not quantity:

  1. Protect your current customer base. First review and if needed improve customer “onboarding” and customer service to improve any low satisfaction areas. Second, focus on the back-end of the lifecycle (customer follow-up and contract renewal).
  2. Expand the customer base by looking at your strongest territories and adopting the same successful behavior in other areas that are struggling.
  3. Gain a better understanding of “customer value” across the customer base by looking at cost and profit margins. Once you can isolate the “good” customers you can optimize resources to control costs and profit margins and improve customers happiness.

Read entire article at: http://www.inc.com/karl-and-bill/nurture-your-most-profitable-customers.html

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