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From Retention to Lifetime Value: How to Optimize Revenue from Existing Customers

In the midst of economic uncertainty, many businesses are resorting to cost-cutting measures. However, it's important to note that cost-cutting alone won't lead to prosperity.

There are often missed opportunities to boost revenue and achieve rapid growth, even in a downturn, through a series of tactical actions that enhance sales, margins and customer experience.

Research shows that companies that leverage difficult times to optimize their sales and marketing strategies can increase their revenue by tens or even hundreds of millions of dollars in just one to two quarters.

HBR outlines several quick-impact opportunities for improving commercial effectiveness, increasing marketing ROI, optimizing revenue from existing customers and enhancing overall customer experience:

  • Enhancing Customer Success

  • Defending the Existing Customer Base, and Improving Loyalty

  • Focus on retention and reduce churn

  • Improve share of wallet

  • Enhance customer lifetime value (CLV)

Read more from HBR here



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