It is more profitable to retain an existing customer than to find and convert a new one. However, too many companies neglect their customer database, allowing the prospects they worked hard to qualify and convert to drift away.
Often, with stretched internal resources, the focus is firmly on managing key accounts, which risks letting the smaller clients slip through the net, which can a cumulatively detrimental effect.
“Those clients you fail to attend to may turn out to be lucrative,” warns Paula Bates of Toucan Telemarketing. “While some will have dropped off the map, or have gone to competitors, others are worth reviving.”
The danger in neglecting smaller customers is also that a business can find itself over-dependent on a few, or even just one, large customer.[Read More…]
Source: Toucan Telemarketing