Retain and grow your customer base

Understanding your most valuable customers is essential for targeted sales growth. However, relying too much on a narrow customer base can be risky. Diversifying your customer portfolio ensures stability if market conditions shift. For example, if your three largest customers are based in the US, a sudden drop in the exchange rate in the exchange rate could see them drastically reduce their orders.

There are many ways you can diversify and grow your customer base - for example:

• increase your market share by widening your customer base in your existing markets
• use information to understand your competitors and take advantage of any gaps in the market
• growth through product and service development
• growth through strategic partnering with other businesses
• grow through international trade