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Business strategy
Why knowledge of the size of the customer base is important.
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[QUOTE="Leah Kelvin, post: 343094, member: 106815"] Businesses have a good reason to know how many clients they possess. The first one is having an idea of the market potential and growth opportunities. The second one is that it helps in targeting a certain group of customers effectively. Thirdly, revenue-generating units can be focused on by resource allocation. Moreover, competitive analysis and revenue forecasting can be enhanced by these statistics. Also, this way, it will result in business growth that comes as a result of guiding customer acquisition, retention strategies Lastly, investor confidence in terms of scalability and long-term viability increases significantly. As a result, market understanding; targeting; customer strategies; resource allocation; competition analysis; revenue forecasting; and investor attractiveness are the areas where strategic decisions should be made concerning knowledge about customer base size which ultimately leads to business success. [/QUOTE]
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Why knowledge of the size of the customer base is important.
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