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Business strategy
Factors mitigating against customer based growth
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[QUOTE="King bell, post: 332670, member: 75687"] When a business acquires and maintains its customers, it is called customer-based growth. Market saturation, intense rivalry, economic downturns, shifting consumer tastes, lack of differentiation, poor customer experience, ineffective marketing strategies, inadequate amount of marketing budget, lack of customer retention strategies, insufficient data and analytics, legal and regulatory challenges and technological disruptions can influence this process. The problem in these conditions is that businesses may not have the right audience to focus on promotions or advertising that would attract new customers or retain existing ones. Nevertheless, there are several ways that companies can overcome these difficulties which includes creating a strong value proposition; offering good customer service; remaining adaptable amidst market fluctuations; and consistently improving marketing efforts as well as customer retention initiatives. Consistent appraisal of these factors will lead to sustained growth based on the number of customers acquired. [/QUOTE]
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