Customer retention at all stages of a business is more important than customer acquisition. How to retain customers? The equation for how to retain customers is pretty simple. The rate of innovation should exceed the rate of increase in customer expectations.
Increase in sales revenue and profitability are the two most common objectives for every business. Businesses measure month on month, quarter on quarter, year on year growth in sales. However, it is important to segment the growth data for actionable insights. How do you measure business growth? Do you look at the overall trend? Do you segment customers into groups and monitor trend for each group?
When you have a goal in mind, strategy is about how you would reach that goal. In this post, we will understand strategy in terms of value. Business is all about delivering value to the consumer. A similar product manufactured by two different companies may have varying price points. How do you create value?
We often hesitate to say No in critical situations. The expression “No” is an effective business strategy. It helps bring clarity and set expectations.
Business strategy is intended to give your team the direction and guidance. How to win more customers? How to stay ahead of the competition? How to establish a clear value proposition? How to turn profitable and sustain growth?
Quite often, small and medium businesses lose their focus as they spend a lot of time planning a strategy. The complete plan often does not see the light of the day.
At an early growth stage, at times the mantra is to “Keep it Simple”.