Vadim Kotelnikov    

Benefits of Customer Retention

Drive Profits Through Giving Customers Lots of Reasons to Stay

   

Business e-Coach     

 

  

Statistics

  • Acquiring new customers can cost five times more than satisfying and retaining current customers

  • A 2% increase in customer retention has the same effect on profits as cutting costs by 10%

  • The average company loses 10% of its customers each year

  • A 5% reduction in customer defection rate can increase profits by 25-125%, depending on the industry

  • The customer profitability rate tends to increase over the life of a retained customer

 

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Partner with Customers

Customer connection comes from engaging customers, involving customers as co-innovators, partnering with them. Partnering with customers improves your firm's capacity to anticipate what customers need even before they know they need it.... Mor

Why Customer Retention?

7 Routes to High Profits

Experts say, it takes 5 to 10 times more time, effort and expense to win new customers than it takes to keep existing ones.

 

  

In today's competitive business world and challenging economy, retaining your customer base is critical to your success. If you don't give your customers some good reasons to stay, your competitors will give them a reason to leave.

Jack Welch's 5 Strategic Questions

Customer retention and satisfaction drive profits. It's far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single-transaction customers. Most surveys across industries show that keeping one existing customer is five to seven times more profitable than attracting a new one.

Create Customer Value: 10 Lessons from Konosuke Matsushita

Happy Business is about Love

Loving is about striving to make your loved ones happier. If you make your customers feel happier, they will stay with you, and you both will enjoy this lasting loving relationship... More

Innovation is Love Download PowerPoint presentation, pdf e-book

Loving Customer Relationships

Love your customers. If you ignore them, they will very quickly ignore you, and leave.

If you focus more attention towards post-acquisition customer engagement, you will enjoy cumulative benefits: the customer base, revenue and cash flow will keep increasing,  while the  pressure off acquisition as the sole driver of growth will be taken off... More