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Focusing on customer experience can significantly influence the growth of a company. A positive customer experience can lead to increased customer loyalty, which in turn can lead to repeat purchases and higher customer retention rates. Loyal customers are also more likely to forgive any mistakes the company might make and are more willing to try new products. Additionally, in a connected world where many customers rely on reviews to make purchase decisions, a company that provides a superior customer experience is likely to receive more positive reviews, which can attract more customers. Furthermore, acquiring a new customer is often more costly than retaining an existing one, so focusing on customer experience can also help to reduce costs.
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87% of companies go through a growth stall and very few actually recover. A Bain and Company study shows that 94% of executives running companies with over $5 billion in revenue considered internal factors as key impediments to profitable growth. 86% of customers are willing to spend more for a better customer experience. 70% of customers use customer reviews as the top source to make purchase decisions. A survey of 3000 B2B companies showed that over 75% consider customer experience to be a major factor in choosing suppliers. Acquiring a new customer costs between 5 to 25 times more than retaining one. Further, loyal customers are 5 times more likely to purchase again, 5 times more likely to forgive and 7 times as likely to try new products. Customer Base Penetration can provide growth at a reduced cost while improving customer loyalty. In a connected world where 70% of customers use reviews as the key source to choose among brands, focusing on customer exper...
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How do you find the right strategy to grow your organization in a rapidly changing business environment? "Growth IQ" distills decades of tested strate...
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