Join Rudolph Rosenberg for an in-depth discussion in this video Retaining customers, part of Entrepreneurship: Bootstrapping Your Business.
- In this section, I want to speak about…customer retention, and more specifically,…of the importance of customer retention.…Retaining a customer is not always possible.…Sometimes, there are outside factors that are…just too strong to fight against.…For example, having a customer who wants…to stop having five vendors for the same product,…and will choose a nationwide or international…provider when you're a local player.…
But many times, there is something…that can be done to retain customers,…and when you see the efforts…that need to be deployed to gain new customers,…you quickly understand that it's much cheaper…to invest time and money into retaining them.…When customers tell you they want to stop working with you,…that's actually not always the case.…The first thing you need to do…is to understand why the customer…is willing to go through the effort…of looking for another vendor.…
Spend significant time into exchanging emails,…making phone calls, or even meeting with those…vendors before selecting one.…On top of that, they're taking the risk…
He shows why beginning with the end is important: framing the venture by anticipating your exit strategy. He explores key resource-planning factors as well as the competencies and considerations required to fund and grow a bootstrapped business. The course then details how to manage the startup and evaluate it realistically to determine whether to stay the course or pull the plug. Finally, viewers will learn how to validate the business-plan assumptions effectively to determine viability and growth trajectory.
- Summarize the five pillars of bootstrapping.
- Determine which type of office space would be most beneficial for a given business.
- Explain the concept of linearizing expenditures.
- Identify the reason why making sales quickly is important to bootstrapping.
- Recall strategies for attracting new customers.
- Recognize the advantages of working in short cycles.
- Explain the importance of having a work-life balance.