via flowtown.com
Have you ever wondered how much an existing customer was worth? Well, in most cases its a lot. In fact, it is 6 to 7 times more costly to acquire a new customer than to retain an existing customer. The following graphic details the the most interesting findings of several recent studies focused on customer acquisition, retention and attrition rates. It should help to put things in perspective for marketers and business owners.
Read more: http://www.flowtown.com/blog/the-value-of-an-existing-customer#ixzz12k1JvufP
I think that customer service can make or break a business. Large or small, the value of a referral is tremendous. When customers love you, they more likely to refer you to new buyers (qualified buyers at that) who are willing to make the investment.
ReplyDeletePoor customer service leads to fewer referrals and more money/time spent trying to earn new business.