There’s always a unique, differentiating factor in a business. Nonetheless, every enterprise’s growth is driven by essential characteristics – structure followed in an organisation, nature of business, management styles, internal and external environment etc. Bringing on board new clients is believed to be one of the most important aspects of the functioning of a business. For every business, it is necessary to maintain customers’ satisfaction.
A client wants to associate with a business that offers a seamless journey across different touch points, such as inquiry, post-sales support etc. It is the responsibility of the enterprise to ensure that the clients are offered a positive experience at the different touch points. Public Relations agencies are of the opinion that this is considered as the first step towards building positive relationship and bagging client trust. It is if utmost relevance to keep all these necessary elements in place when collaborating with clients. Hence, client growth in any company is the result of customer acquisition and retention with a minimum churn rate.
Here are few of the key PR metrics that are important from the customer growth perspective.
- Gross churn : While a low churn is capable of ensuring more clients with a strengthened client lifetime value and lower servicing cost, a high churn rate can lead a business to negative revenue growth.Churn rate is considered as the percentage of clients who decide to leave a firm in a specific time span, strengthening its role in the business evaluation process.
- Negative net churn : It signifies net revenue lost after the upgrades and surpasses sales. It is a key characteristic of a SaaS enterprise due to the fact that client accounts are considered as high-yield savings accounts.A client is capable of developing negative net churn when the expenditure of the client witnesses a dramatic rise. Professionals associated with the top PR agencies in India are of the opinion that a customer success team is an essential part of the business process to ensure client retention and negative net churns.Currently, every domain is witnessing the launch of new businesses, entrepreneurial ventures entering the space propelling consistent product innovation and enhanced competition level. The leading PR agencies in India understand that the customer success is all about maintaining a balance between effective portfolio management, boosting client accounts while ensuring long-term partnerships are built via trust, relationship and value.
Every business should look to treat your customers as partners. Care and patience help to build client relationships. The right PR firm is capable of ensuring that the client portfolio grows, irrespective of the business size.
The above-mentioned metrics will prove helpful in judging the client portfolio and transforming a business into a profitable venture. All in all, keep these guiding rules in mind before you initiate the task of bolstering the client portfolio.