Why Small Business Customer Retention Is On Everyone’s Mind
Most platforms in the small business tech space focus on selling small business owners leads — but they often fall short from their ultimate intent, which is to increase sales.
Last week in rainy San Diego, CA I attended an event hosted by the Local Search Association, formerly known as the Yellow Pages. At the event FreshLime was honored to win first place in the best Attribution & Analytics solution for small, local business. This year there were 180 companies that applied for the Ad-to-Action awards, so the win is significant for FreshLime and the Utah tech startup community in many ways.
The theme of “Big data for small business” was paramount throughout the week, and the biggest question on everyone’s mind was “which data analysis is the most important to drive small business revenue?” That’s where we feel we have hit the target with FreshLime.
Most platforms in the small business tech space focus on selling small business owners leads — but they often fall short from their ultimate intent, which is to increase sales. What we have uncovered through years of data is that small businesses only sustain growth and more quality sales through customer retention, not in feeding new leads that seldom come back. In fact, a focus on repeat business is 70% more profitable than brand new leads for small business owners and actually drives new customer business if handled properly.
When we started FreshLime our #1 priority was helping small business owners compete on a level playing field with big businesses and bigger budgets. Attribution has not always been available for small, local business owners, and analytics have been confusing and unhelpful at the local business level. Making data transparent and easily measuring success enables the small business owner to reach their true ROI and focus efforts on the channels that drive the most profit.
