Paper on Marketing research

This essay has a total of 544 words and 3 pages.

marketing research

In an article written by Laura Schneider, titled "Customer Relationships Are Key to Your
Marketing Strategy" July 2003, she states that she could show a business how to increase
sales by 50% without increasing a marketing budget. Her research indicates businesses have
inactive customers that the owners believe will stay with the company, without maintaining
or trying to grow in the relationship. Business owners often wonder why haven't they heard
from a customer or if they left, why did they leave? There are many reasons a customer or
client may leave, but the ones heard most often are:

· They felt prices were too high or unfair.
· They had an unresolved complaint.
· They took a competitors offer.
· They left because they felt the business didn't care.
The last two options make up the majority of why a client or customer will no longer use a
service or a product. Laura believes this makes sense because customers often purchase a
service or product because they have developed a relationship with the company, or they
owned another product, or a friend or associate referred them to you.

When given with the aforementioned information she ponders the reasons why businesses
spend 80% of their marketing dollars going after new customers and clients rather than
nurturing, retaining, and maintaining the customer relationships they already have? She
suggests before spending time and money going after new customers and clients that a
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