ENTREPRENEURSHIP

Detailed explanation-1: -Your market consists of: Existing customers: People who have already purchased your product. Prospects: People who have not yet purchased your product but are considering it. Target market users: People in your target market who are not currently looking for a solution.

Detailed explanation-2: -An existing customer is one who consistently purchases products or services from your company. They may also be referred to as current or repeat customers. Give them an experience they enjoy, and they will become champions of your brand and impact business growth.

Detailed explanation-3: -Key Takeaways. Customers are the individuals and businesses that purchase goods and services from another business.

Detailed explanation-4: -Loyal Customers Lead To Growth Bain & Company and Harvard Business School report that “increasing customer retention rates by 5% increases profits by 25% to 95%.” Research found that existing customers are 50% more likely to try new products and spend 31% more, on average, compared to new customers.