SMBs to focus more on customer retention, firm claims

Thursday 13 December 2012

Customer retention will be a key focus for small and medium-sized businesses (SMBs) during 2013, it has been claimed.

According to business management solutions provider MYOB, firms will look to do more to keep hold of their existing paying customers.

The company said SMBs will have three main priorities for next year - acquisition strategies, increasing the number and variety of products/services sold, and customer retention.

Tim Reed, chief executive of MYOB, said the SMBs have faced another tough year in 2012.

And one of the ways they will aim to drive revenue going forwards is to better meet the needs of the customers they already have.

“A strong correlation exists between the ongoing strong investment in customer-focused growth strategies and top business pressures such as cash flow and price margins," Mr Reed said.

"The trend we’ve seen over the past two years – where the customer reigns supreme over all other considerations – will likely carry through to 2013."

According to Jo Causon, chief executive of the Institute of Customer Service, the consumer experience is "the vital differentiator in business today".

Posted by Jenny Arthur