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Business strategy
How does customer relationship affect business profits?
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[QUOTE="Phantasm, post: 342895, member: 94599"] It is vital for the profits of a business to develop strong customer relationships. Loyalty is important because it makes customers buy again from the same company and tell others about it. Every firm’s lifetime value of customers can be increased by creating sustainable relationships that increase spending and profitability. Word-of-mouth referrals can save on marketing costs while attracting new clients. To cross-sell or upsell businesses must understand customer needs hence improve revenue streams. Businesses with strong ties have pricing power thus enabling them to charge premium prices, resulting in healthier margins of profit.Above all, a company should build and maintain relationships with its customers, which will ensure constant revenues flow and long-term success. [/QUOTE]
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How does customer relationship affect business profits?
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