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Customer Acquisition and Customer Retention: which one is more important

Before you sign up for a new business, you should ask yourself whether it is more important to find new customers or retain old customers. The more customers you have, the higher your return will be to the initial investment in the business. The average lifetime value of a customer is about 6 times higher for those who use their services once than those who use their services regularly. Therefore, losing a customer through lack of loyalty is much more expensive than gaining a new one by your brand advertising efforts.

How Will Artificial Intelligence Affect Social Media Monitoring?

Social media has become a powerful tool for businesses, allowing them to engage with their customers, listen to their feedback, and enhance the customer experience. With more users turning to social media for news and updates about products and services, it’s important for companies to monitor their online presence. But how will artificial intelligence (AI) affect this process? In this blog post, we’ll explore how AI is transforming social media monitoring and what it means for businesses today. We’ll discuss the benefits of AI-powered tools and how they can help brands manage and analyze data more effectively. We’ll also look at some potential drawbacks that come with relying too heavily on AI technology.

Cost of talent acquisition vs. the cost of talent retention_ Which is higher

As a business owner or HR professional, you understand the importance of having top-notch talent on your team. However, finding and retaining that talent comes at a cost. In today's competitive job market, it's essential to strike a balance between acquiring new employees and keeping current ones happy. But which one costs more? Is it more expensive to attract new employees or keep your existing ones satisfied?

Social media and its give-away technique- Is it worth it?

Social media giveaways create the perfect opportunity for social media managers to drive engagement and boost brand awareness. By asking users for just one like, comment or share to enter a promotion, brands can capture user attention and expand their reach. The convenience of creating and participating in a social media giveaway has made it a powerful — and popular — marketing tool for companies looking to deepen engagement and build loyalty. Social media has rapidly become a popular way to host brand promotions, such as sweepstakes and contests. The reason is that social media provide the flexibility and accessibility businesses need to engage with their customers in a way that is both seamless and highly engaging. Here are three key reasons you might want to consider hosting your next contest or sweepstakes on social media:

Product concept testing

Do you have a brilliant idea for a new product but aren't sure if it will be successful in the market? If so, product concept testing may be just what you need. This process allows you to gather valuable feedback from potential customers before launching your product, which can save you time and money in the long run. In this article, we'll explore what product concept testing is, why it's important, how to conduct it effectively, and its numerous benefits.

Go to Market Strategy

Are you launching a new product or service? Do you want to ensure its success in the market? Then, a solid Go to Market (GTM) strategy is what you need. A GTM strategy outlines how your business will introduce and promote your offering to potential customers. Without one, even the best products can fail to gain traction. In this article, we'll explore why a GTM strategy is crucial for any business and give you some tips on how to develop an effective plan that ensures your product's success in today's competitive market.

Relations Between Agile and Lean Supply Chain Management

Supply chain management is an important aspect of engineering and product development.

Price versus benefits (of products_ services)

The price you charge for your product or service is one of the most important business decisions you make. Setting a price that is too high or too low will - at best - limit your business growth. At worst, it could cause serious problems for your sales and cash flow. Fortunately, there are ways to determine the right price. In this report we’ll show you how to set prices based on value received and find out whether competitors are charging too much or too little.

Tips to run qualitative focus group

A well-run focus group can be a powerful way to gather insight and information about your customer base, but if you’re unfamiliar with how to run them, you could be missing out on great opportunities. Get tips for running successful focus groups so that you get the answers you need.