INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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prototype
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loyalty
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focus group discussion
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methods
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Detailed explanation-1: -When customers are satisfied with your products or services, they stick around and spend more. Increasing customer loyalty and retention by only 5% can result in growing profits from 25-95%, and it can help cut down on customer acquisition costs (CAC).
Detailed explanation-2: -Customer satisfaction is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities. Customer satisfaction information, including surveys and ratings, can help a company determine how to best improve or changes its products and services.
Detailed explanation-3: -Studies show that loyal customers spend 67% more on products and services than new customers. So, even though your most loyal customers might only make up 20% of your audience, they provide up to 80% of the revenue. When it’s 5x easier to retain a customer than acquire a new one, numbers like these are hard to ignore.