BizSugar.com › Customer Service › To Retain Customers, Be the Duck

It's a known fact that it costs five times more to gain a new customer than it does to retain an existing one. So why do companies seem to invest more time, money and effort in the former, when the latter is what will really keep them afloat?

“According to Bill Drury, as reported in Communications Expert Coaches Professionals on Client-Retention, a 5 percent increase in customer loyalty can improve long-term profitability by 80 percent.'”

So maybe it's time to focus on customer service, customer service, customer service.