Customer is king, and will always sit on the throne. Retaining the trust and loyalty of your customers is the key to accelerating growth, profitability and sustainability. Research by Harvard Business Review shows that increasing the customer satisfaction by just 5% can skyrocket profits up to 95%. The study also demonstrated that it can cost more than five times to acquire a new customer as opposed to retaining an existing one. So how do you create a competitive culture in your company that revolves around the wants and needs of your customers? 1) Think Beyond Deals and Discounts The first thing that businesses must understand is that times have changed and customer loyalty cannot be bought through deals and discounts anymore. They’re just a short-term fix that only lasts till you wake up tomorrow and watch your competitors undercut your prices and drive you out of business. For instance, if…
