retail business plan

     |     

retail operations management

     |     

retail industry analysis

Managing Customers

Customer management maximises sale opportunities because it is aimed at gaining loyal customers and enticing new ones. As with all marketing procedures, customer management is an expense at the start but results in enhanced profitability in the long run.

Customer management

Customer management

Retailers must avoid formulating promotions that reward only new customers at the expense of existing ones. Every entrepreneur knows that loyal, ongoing customers are the backbone of a financially successful business. New, walk-in customers are likely to shop somewhere else once the promotional period ceases or discount card expires. On the contrary, loyal customers are the retailer’s mainstay and although they make up barely a quarter of the entire market, they generate more than three quarters of sales (the 20-80 principle). As a retailer, be always on the lookout for loyal customers and reward them for their repeat purchases more than you devote efforts to attract new buyers.

Leave a Comment

Featured Video

Retail Business Management

xtreme Wordpress Theme