Robotypes from the B2B world: 4. How expensive is it to lose a client?

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In the article “The Value of Keeping the Right Customers“, author Amy Gallo refers to a study by Frederick Reichheld.

It shows that if you (specifically in financial services) manage to retain 5% more customers, your profits increase by 25%.

How’s that?

• Because loyal (and satisfied) customers will in many cases buy more and more from you.
• Because loyal (and satisfied) customers will not run to the competition for a few crowns.
• Because loyal (and satisfied) customers will be happy to recommend you further.

Add to this the well-known fact that it is up to ten times more expensive to acquire a new customer than to keep an existing one, and you have a clear picture:

Be sure to pamper your existing clients.

It will pay off.

Previous robotip: Five risks associated with discounts

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