Focus on making your customer base your most valuable asset and your business will grow at the expense of your competition.

• Up to 68% of people will move to another supplier because of perceived indifference.
  
  
• Highly successful businesses treat customer loyalty as a business philosophy, not just a technique.
  
  
• It costs at least five times as much* to recruit a customer as it costs to retain an existing one.
  
  
• Increasing customer retention rates by 5% increases profits by 25% to 95%*.
  
  

Now use this practical guide to customer retention.

* Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. It makes sense: you don’t have to spend time and resources going out and finding a new client — you just have to keep the one you have happy. If you’re not convinced that retaining customers is so valuable, consider research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score) that shows increasing customer retention rates by 5% increases profits by 25% to 95%.