By Jessica Bennett, Salesforce –
Why are small businesses so good at what they do? It’s because they are amazing at customer retention. Small businesses know their customers by name. They greet them and are able to personalize their orders. However, small businesses cannot be dependent simply on returning customers. They need to grow their customer base continuously — yet they might not completely understand how to do that, or they may not have the resources to do it.
That’s why small businesses need to understand how to acquire customers in an efficient, effective manner. And the very first step is to begin measuring acquisition. Unfortunately, only about five in ten companies track their customer acquisition, and fewer than that monitor lifetime value. To achieve growth and transition from a startup to a sustainable small business takes an understanding of customer relationship management, sales, marketing, and customer service.
