Existing customers are easily to lose and it doesn't cost much to keep them.

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%.