Surprising Ways Small Businesses Can Find Customer Success

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Surprising Ways Small Businesses Can Find Customer Success

Watch WebHosting GoDaddy Video: Surprising Ways Small Businesses Can Find Customer Success. Want to grow your business? Black Business Boom founder gives insights on why small business owners should focus on customer retention to succeed. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe

0:20 The impact of increasing customer retention rates
0:33 What is customer retention?
1:08 How to build a customer loyalty program
1:58 The importance of getting customer feedback and reviews
2:14 How to create customer loyalty online
2:40 How to improve customer experience

When it comes to customer success, increasing the pool of potential shoppers may be the first thing that comes to mind for small business owners to tackle. But Danielle McGee, CEO and Founder of Black Business Boom, says customer retention is what actually matters most. By building customer loyalty programs and focusing on improving the customer experience, you’ll not only retain your existing customer base but also naturally attract new patrons through word-of-mouth marketing (including social media). It’s a major cost-saving growth strategy for entrepreneurs, too. As you turn each of your customers into loyal brand advocates through relationship management, you’ll get the feedback needed to continue improving your business for long term customer success.

GoDaddy is having conversations with experts to help entrepreneurs everywhere. Subscribe and stay tuned for upcoming videos. http://bit.ly/GoDaddy-Subscribe

References:

Acquiring new customers costs 5x as much as retaining existing ones. https://review42.com/resources/customer-retention-statistics/#:~:text=Acquiring%20new%20customers%20costs%205,another%20business%20within%205%20years

Businesses miss out on $1.6 trillion from losing customers to a competitor. https://review42.com/resources/customer-retention-statistics/#:~:text=Acquiring%20new%20customers%20costs%205,another%20business%20within%205%20years

80% of businesses future profits will come from just 20% of existing customers. https://www.annexcloud.com/blog/loyalty-program-statistics-will-make-rethink-marketing

86% of the customers with great purchase experiences will likely buy from the same company again. https://review42.com/resources/customer-retention-statistics/#:~:text=Acquiring%20new%20customers%20costs%205,another%20business%20within%205%20years

Learn more about Black Business Boom:
https://www.blackbusinessboom.com
https://www.facebook.com/blackbusinessboom
https://www.instagram.com/blackbusinessboom

Resources for Small Businesses:
Venture Forward study: https://www.godaddy.com/ventureforward
Up-to-date info on COVID-19: https://www.cdc.gov
COVID-19 resources and grant information: https://www.covid19businesscenter.com

The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter.

#CustomerSuccess #GoDaddy #SmallBusinessNewsandTrends

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