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customer retention is important to the long term success

The purpose of being in business is to cultivate your trade over time. The effective way to grow your business is by holding your present customers. Customer preservation is significant to the long-term achievement as the cost to gain a new customer is anywhere from 5 – 10 times the cost of retaining an on hand customer.

According to the Technical Research Assistance Program (TARP), 68% of customer defections crop up as the customer feels feebly treated. This next statement is awful: only 4% of the defecting customers bother to tell the business owner why they chose to do business elsewhere – the other 96% of defecting customers just silently wane. Retention efforts must be a priority for the following reasons: Read the full story…