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Businesses can adopt several strategies to recover from a growth stall. One of the key strategies is focusing on customer experience. As the data suggests, a significant percentage of customers are willing to spend more for a better customer experience. Therefore, improving customer service and overall experience can help in retaining existing customers and attracting new ones. Another strategy is customer base penetration. This involves selling more to the existing customers, which can provide growth at a reduced cost while improving customer loyalty. Businesses can also focus on innovation and introducing new products that meet the changing needs and preferences of the customers.
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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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