BizSugar.com › Customer Service › Fifty Ways to Keep Your Customers

Your company could offer the best prices and services around, but if your company fails to make customers feel wanted, you can consider the chances of repeat business out the door. When it comes to retaining customers, simple gestures go a long way. And yet, if studies are anything to go by, we have yet to learn the fine art of keeping customers for the long haul. Still think you don't need to 'know' how to retain customers? Here are a few figures that are sure motivate you:
* The average company loses 10% of its customers each year.
* Acquiring new customers can cost five times more than satisfying and retaining current customers.
* A 2% increase in customer retention has the same effect on profits as cutting costs by 10%.
* Loyal customers are 15 times more likely to increase spending with a store brand than are high-risk customers. In the direct retail business, loyal customers spend an average of three times more, and sometimes 10 to 20 times more, than a customer who's not a regular.