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Cross-selling. Cross-selling is a sales technique involving the selling of an additional product or service to an existing customer. In practice, businesses define cross-selling in many different ways. Elements that might influence the definition might include the size of the business, the industry sector it operates within and the financial ...
v. t. e. Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. [1] CRM systems compile data from a range of different communication channels, including a company's website, telephone (which ...
Market penetration refers to the successful selling of a product or service in a specific market, and it is a measure of the amount of sales volume of an existing good or service compared to the total target market for that product or service. [2] Market penetration involves targeting on selling existing goods or services in the targeted ...
Customer retention. Customer retention refers to the ability of a company or product to retain its customers over some specified period. [1] High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely.
The Ansoff matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future business growth. [1] It is named after Russian American Igor Ansoff, an applied mathematician and business manager, who created the concept.
Relationship marketing is a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions. [1][2] It differentiates from other forms of marketing in that it recognises the long-term value of customer relationships and extends communication beyond intrusive ...
an entrepreneur or trader (sometimes a commercial Intermediary) - a dealer who purchases goods for re-sale. [8][1] an end user or ultimate customer who does not re-sell the things bought but is the actual consumer or an agent such as a Purchasing officer for the consumer. [8][1] A customer may or may not also be a consumer, but the two notions ...
The customer development method consists of four steps that are designed to help avoid common pitfalls and repeat successful business strategies: Customer discovery first captures the founders’ vision and turns it into a series of business model hypotheses. Then it develops a plan to test customer reactions to those hypotheses and turn them ...