Customer Service Training TIps

The most Profitable Customers

The Power of Customer Retention

Some organizations get so focused on pursuing new business that they neglect their existing customers. Foolish strategy. A study by Bane Consulting found that increasing customer retention by 5% results in profits jumping by a whopping 25-100%. Consider how cheap it is for the insurance company when you renew your home insurance. They send you a form for the cost of a stamp and you send them hundreds of dollars. You’d think that the company would contact you at least once to make sure you’re happy. Ironically, this rarely happens. Often, they’re too busy bidding on new projects. Yikes!

Written By Jeff Mowatt (original content – not AI generated)

Was this helpful?   For additional information on this topic:  Customer Service Trends/Strategic Planning

You’ll find more of Jeff’s Trusted Advisor Customer Service tips or subscribe to receive a new Business Building Tip every two weeks.

Curious about Jeff’s training resources?  Click on Shop for details.  If you’re interested in a customized presentation for your organization, contact Jeff at [email protected]

Jeff Mowatt is a customer service speaker, customer service training professional, award-winning speaker, and best-selling author.


Register today for our 30 – second Trusted Advisor tips and receive as a bonus 15 Phrases that Pay for dealing with stressed and rushed customers.