Astha IT Podcast THE SPRINT: Episode 2 with Faisal Amin discussing Nordic perspective on the AI industry.

In this discussion, we will explore the advantages of using React.js development for your project and how it can effectively reduce development time and overall costs.

Creating a new website or web app involves a multifaceted process that requires collaboration between you and the development agency. Before embarking on the project, careful consideration of main features, customer requirements, preferred technology, budget constraints, desired timeline, and future maintenance expenses is essential.

While new app development may be a substantial investment, it often proves to be highly lucrative, especially given the widespread use of web and mobile applications by customers on a daily basis. Nonetheless, there are strategies to optimize the process and make it more cost-effective.

Let’s start with some statistics.

Did you know that retaining existing customers is 6 to 7 times less expensive than acquiring new ones? (Source: Bain & Company)
Repeat customers, on average, spend 67% more (Source: Bain & Company)
60% of companies believe they should be generating 25% or more revenue from strategic accounts (Source: RAIN Group)

When it comes to increasing sales and maximizing profits, it is beneficial to focus on growing existing customer accounts. While lead generation and gaining new customers are important, increasing revenue from those who already know and appreciate your business is often an easier and better marketing strategy than looking for new customers.

By initiating conversations about upselling or cross-selling with existing customers, you can leverage their loyalty and satisfaction to benefit your business.

Here’s how you can increase your revenue from your existing client base:

We live in a data-driven world where data science is fast becoming the most sought-after skill by Businesses. From startups to Fortune 500 companies, businesses are increasingly harnessing the power of data science to optimize processes, manage inventory management, and gain better insights into customer behavior to increase their profits.