Getting new customers can cost as much as 500% more than retaining and satisfying current ones. Reducing the loss of current customers by as little as 5% can increase profitability by as much as 25% to 125%. So it is worth figuring out why existing customers leave, and what you can do about it. Those engaged in austerity style cost cutting will also discover that a mere 2% hike in current client retention can have the same economic effect as decreasing overall expenses by as much as 10%.
For a graphic representation of these powerful facts, and more, the infographic below:
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