The most important element to building a successful business is
A)Soliciting new customers
B)Maintaining exhaustive databases on purchase patterns
C)Targeting the right consumer segment
D)Managing and retaining existing customers
E)None of the above

Question

Quizplus · Accepted Answer

Managing and retaining existing customers is the most important element to building a successful business as it allows for long-term profitability and sustainability. It is more cost-effective to keep current customers than to constantly attract new ones, and loyal customers can also serve as brand ambassadors and attract new business through positive word-of-mouth.

The Most Important Element to Building a Successful Business Is