Errol Allen Consulting Gives Tips On Customer Retention

Errol Allen Consulting Provides 5 Keys To Customer Retention
July 6, 2012 - PRLog -- The purpose of being in business is to grow your business over time. I can’t think of too many businesses (not any really) where the goal is to open and remain exactly the same size. The most effective way to grow your business is by retaining your present customers. Customer retention is important to the long –term success as the cost to gain a new customer is anywhere from 5 to 10 times the cost of retaining an existing customer.

According to the Technical Research Assistance Program (TARP), 68% of customer defections occur because the customer feels poorly treated. This next statement is shocking:  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 disappear. Retention efforts must be a priority for the following reasons – 1. Retention is the key to long-term growth. 2. Retention efforts create loyal customers. 3. Loyal customers help to establish equvf your brand in the marketplace. 4. Loyalty leads to referrals.  According to a TARP study when interviewing marketing executives from 200 companies, all state that at least 25% (and in some cases as high as 75%) of their new customers were obtained via referrals.  Here are 5 keys to customer retention that will turn your customer into a low cost marketing department:

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Tags:Customer Service, Customer Retention, Customer Relations, Happy Customers, Customer Focus
Industry:Business, Education
Location:Houston - Texas - United States
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