Are you making the most of your existing customers? 29/May/09 (Business)

Here is a list of facts that demonstrate just how important existing customers are to your business.

• A happy customer will, on average, tell 8 other people of their experience
• A dissatisfied customer is likely to tell in excess of 15 other people
• Of those customers who are not happy with a product or service, around 90% will not buy from the same company again
• It can take up to 10 satisfactory experiences to make up for one bad one
• How a customer feels they are being treated accounts for 70% of the purchasing experience
• Reducing your customer defection rate by 5% can increase profits by 25%
• It is up to 10 times more expensive to get new customers as it is to hold on to existing ones
• On average a typical company will lose between 10% and 30% of its customers each year
• Poor customer service accounts for 70% of the reasons given for switching supplier.

If you want an informal chat about putting together a customer retention plan give us a call.

dlh Visual Communications