Customer acquisition is such an arduous process, which could sometimes get tricky, especially if you’re in the B2B space. However, getting someone to patronize you again — is cheaper and easier than converting new customers. Research by CFO echoes this sentiment, as more than half of the senior executives sampled said that 40% of their revenues are recurring.
Paradoxically, you need to convert prospects into customers first before they can become recurring customers. It shows that the point of conversion is very crucial to every business that wants to make a profit — if not the most crucial. The implication of this fact is that you need to give deliberate thought to producing a painstaking process that takes away all the pain that your prospects might likely face at the critical point of conversion. The more seamless and effortless your conversion process is, the likelier your chances are of converting more. You sure have heard of how big the cart abandonment rate is…