You can have an amazing product or service, but without customers, your business will not be profitable. To keep your business competitive, you need to retain current customers and fire the unprofitable ones. 

Why you need to fire customers

It is said that a firm should fire about 10-15% of unprofitable customers during a term. These customers are ones that constantly complain, are unhappy with the service provided, are unwilling to compromise with employees and those who are a detriment to the firm’s reputation.

Any company should be able to take these measures. In the long run, retaining these unprofitable customers would ultimately cause more harm than good for the company. 

Expansion

These 5 expansion techniques with help your business’s social capital grow and replace the 15% of lost customers. 

1. Know Your Audience

Mass marketing is beneficial in some markets, except when it comes to online platforms. On platforms such as Google, Facebook, Twitter, it is more profitable to directly target to those who are likely to buy your products. This will help maximize your budget efficiently. 

Learning about your marketing is one of the top things to do prior to implementing a marketing campaign.

2. Offer multiple payment options

When it comes to payment, frustration is the leading cause of lost customers. Not everyone believes in a secure site, and not everyone has a piece of plastic that holds an endless supply of money. Have multiple methods of payment for your customers to be at ease when purchasing your products. 

3. Customer Service

Focus on customer service! When two companies are extremely similar in the same industry, what sets them apart? The answer is customer service. Think about a time you’ve had a negative experience with customer service and a time it went well. Your attitude toward each brand changed after that moment. You want your customers to think of your brand as a respectable agency there to assist customers, not discourage them. 

4.Retain existing customers

These are some of your most profitable clients. These customers are ones that are familiar with your business, so they are more willing to buy your new products. For example, your experience with your phone brand is a strong representative of the future tech products you plan to buy. Loyal customers are just as important as new ones. 

5. Promote

Promoting your brand isn’t just for the internet. Make use of all marketing outlets. This includes, online, print, WOM, and face-to-face advertising. 

Most people resort to online platforms to look for reviews. These pages are not meant to be static, but more dynamic. Stay engaged with users and update your information. 

Blue Archer can assist your business with embedding marketing tools and platforms onto your site.