WARNING: It can take years to win a customer but only seconds to lose one

Studies show that it costs substantially more to generate a new customer than maintain an existing one. Customers that shop with you regularly are less expensive to manage because they believe in your business processes, methods and products. Therefore, it is important to understand what it costs to serve your customers, acquire new customers and the value return of their habit.
Before you ignore your existing customer base in favor of hunting new customers, think how much you invested in getting them on board in the first place. Analysts say that it costs five times more to obtain a new customer than retain an existing one and a 5% increase in customer loyalty can mean up to an 85% increase in profits. Many businesses spend the bulk of their marketing budget hunting new customers or re-engaging old customers that have left and gone to the competition. Instead, businesses should spend at least 75% of their budget keeping existing customers tuned in.  A lot of management  time should be spend to know what they are buying, what could you introduce them to, what make them even more profitable to you, etc.
Give more than customers expect. If you outperform their expectations, they’ll be satisfied. If you underperform, they’ll be frustrated. Customers want to feel included, in control and liked. Ensure that you consider how your interaction and the use of your product/service allow them to feel. Making a customer insignificant, excluded, incompetent and disliked, is the fastest way to push them to your competitors.
Tips
Keep a regular contact with your existing customers.
Handle customer complaints quickly and fairly.
Ensure that your customer service is excellent.
Calculate what it costs to retain existing customers and hunt new ones.

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