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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:
By the numbers, it seems like a deliberate focus on renewals can provide immensely beneficial outcomes on the whole, but:
Then, what is the primary driver of quality relationships and customer retention?
What does “user experience†really mean?
“Customer Serviceâ€
Serveis the root word in Service. How are you serving your customers?
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/the-revenue...-relationship/
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 Serviceâ€
Serveis the root word in Service. How are you serving your customers?
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/the-revenue...-relationship/
