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)

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