CUSTOMER ACQUISITION, MANAGEMENT, AND RETENTION

Hosted By KCB Biashara Club On 7th January 2021.

The webinar aimed at equipping entrepreneurs with tactics needed to acquire customers, manage and retain them within the organization. It identified customers as critical people in generating sales that earn the business revenue. To ensure customers are well served, a business needs to adopt processes that help one to serve customers, optimize costs and manage cash flows.  These processes need to be executed through people who have the appropriate skills to serve the customer.

The journey of customer acquisition begins with employing the right sales tactics, then recruiting customers. Recruitment of customers helps you to populate the customer database. You will need to develop skills and capabilities to handle customer databases and customer relationships. To have an efficient team, you will need to reward and remunerate them so that they can deliver great customer service. This team should be organized and given effective management and coaching for performance. A sales team that is motivated and focused on productivity should also be constituted and supported with well-outlined forecasts and plans.

In conclusion, the presenter emphasized that in building a customer-focused organization one needs to appreciate their customers and the people employed to serve the customer. The summarized lifecycle of customer relationships starts with the acquisition and retention of profitable customers. Winning back customers who are in the database but have not made purchases for a certain period and engaging them so that they can be active consumers of your goods or services. For customers who have turned out to be non-profitable, you need to up-sell additional products in a solution offered to them, cross-sell other products to the customer and ensure they are satisfied at consumption. Ask for referrals from your satisfied customers and reduce service and operation costs to widen profit margins.

Rick Okinda                                         The writer is a Certified Accountant working with small business owners to deliver business plans that serve their management and financial needs. | rickokinda@gmail.com

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