The Revenue is in the Relationship

[FundingStrategist]

Todd at deBanked has written another great piece about merchant relationships.



Important factors Todd found that drive positive long-term relationships are:



Pricing



User Experience



Speed



Efficiency



Trust



A survey on B2B sales conducted by Invesp resulted in some pretty interestingly related insights:

• Acquiring a new customer is 5-7x as expensiveas retaining an existing customer.

• The success rateof selling to a customer you already have is60-70%, while the success rate of selling to a new customer is 5-20%.

• Increasing customer retention rates by 5% can increase profits by 25-95%.

By the numbers, it seems like a deliberate focus on renewals can provide immensely beneficial outcomes on the whole, but:

• 44% of companies admit they, “have a greater focus” on acquisition, while 18% have their primary focus on retention. The remaining 38% claim to have an equal focus.

Then, what is the primary driver of quality relationships and customer retention?

• 89% of businesses report their customers state that their user experienceis the key factor in their loyalty.

What does “user experience” really mean?



“Customer Service”



Serveis the root word in Service. How are you serving your customers?



-FundingStrategist

https://fundingstrat.com

https://fundingstrat.com/the-revenue...-relationship/