It wouldn’t be a good situation to be gaining customers in respectable numbers, but losing existing customers just the same. Gaining or losing a customer has a significant impact on a company’s profits. If new customers are gained by offering them significant discounts—a pretty common practice—the value of keeping those existing customers who are paying regular rates gets even higher. One study determined that for every customer that left, the company needed to retain 1.2 new customers just to stay even, and 2 or 3 more customers to get ahead.
It’s clear that keeping customers is key to the bottom line. Do you know how well you’re doing with customers? Hiring the services of a customer satisfaction consulting company such as Customer Perspectives can provide you with the needed data to stop the leaky bucket that may be your customers leaving you.