Business analysts know that it costs a company much more money to get a new customer than to keep doing business with their existing ones. Thus, to be as profitable as possible companies are urged to have loyal customers that keep coming back again and again. Unfortunately, this is easier said than done, and focusing all of your efforts on keeping existing customers is a sure way to ruin your company as truth be told people don’t live forever and companies have to look to the next generation of buyers eventually.
1. Nobody Is Loyal Anymore
No thanks to the internet, loyalty is lower than ever before. In just a few mouse clicks, customers can compare the prices of you and a dozen or more of your direct competitors for the same product. Not to mention online auctions where prices can go even lower. This means that people have literally no loyalty – they will choose thatever retailer offers the lowest price.
2. Bidding Wars
This means retailers often engage in bidding wars. This can escalate to nonprofitable proportions – often retailers sell products for the exact amount they purchased them for from manufacturers. Of course, in order...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
