Question

What is the important of customer relationships, customer loyal, customer retention, and customer lifetime value?

Answer 1

ANSWER:

Customers are the heartbeat of all businesses; thus developing a healthy relationship with them is vital for the success of your business. Through good as well as bad times, maintaining a healthy customer relationship with the clients will help in sustaining the business performance. The ultimate goal of most well-developed customer relations programs is to turn one-time or occasional customers into loyal buyers, thus building long-term relationships. Repeat clients are also more likely to recommend the company to others and to try out the latest products of the company. The financial results are that a small percentage increase in loyalty of customers can translate into a significant hike in profits. Thus it can help business to boost customer retention and increase trust and loyalty. If a company is able to treat its clients well, those people are likely to be loyal customers for life. Thus, maintaining productive and healthy customer relationship is the best approach to ensure a bright future for the business.