Robotypes from the B2B world: 4. How expensive is it to lose a client?
Are you in the B2B industry and like to stay in the loop? Follow our robotips, and you're guaranteed a stream of interesting information (not only) about B2B sales & marketing.
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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