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A successful business is built on the back of two indispensable strategies. The first is customer retention and the second is customer acquisition. Marketers often pay more attention to the latter because it is a common belief that acquiring new customers is more important than holding on to the ones that are already there. It goes without saying that this assumption is incorrect. What Is Customer Lifetime Value? Customer retention should not be ignored under any circumstances. It is an extremely important part of increasing the customer lifetime value (CLV) of a business. It can be defined as the present value of the future revenue that will be generated by

By definition, an entrepreneur is a person who is willing to take risks in lieu of a profit. Therefore, acknowledging and embracing risk is a fundamental aspect of starting a new business. There will always be a certain level of uncertainty that you will have to prepare for and deal with when you work on establishing a startup business. Anticipating Failure The temptation is to ignore these risks and move forward with a false sense of security mingled with irrational ambition. Such an approach will lead to inevitable failure. Once you enter the world of business, you put your name in an intense competition that will either get the

In the majority of cases, start-up success or failure is all about knowing the both the how and the why of taking action, and always being clear about which steps to take next. To help this process, here are 10 essential things you need to know about running a successful business. Use it as a checklist to make sure your thinking and your business plan are on the right track, or if you need to get more information, strategic education or clarity for yourself on your overall vision, your market, or your product or service. 1. Offer what people want to buy, not just what you want to sell. Too

Start-up businesses can fail for a large number of reasons. It goes without saying that the fewer mistakes made the less likely failure will occur. People provide many tips on how to start businesses successfully but perhaps it would be easier to actually look at what not to do. By overcoming the below common mistakes you will give yourself every possibility to launch a successful business. 1) Capital: Lack of funds can be a major obstacle in starting your own business. It is hugely important to launch your business with the right amount of money. Starting with too little cash is not advised and can be a big mistake. If

We can wait for that moment of epiphany when the most amazing business idea will suddenly enter our heads, out of the blue. But let’s face it – business ideas don’t grow on trees and sometimes you simply have to go looking for them. So where do you start? Before you start generating ideas, a certain amount of preparatory work is advised: Define the Problem: You may have already established a problem that needs solving but if not, you only have to open your eyes and easy to spot them. Listen to your friends, your colleagues and your customers in your last workplace, read the paper, watch the news –

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