Many companies are focused on finding and selling to new customers, but the smartest companies concentrate on keeping their existing customers and growing their relationships with them. Here’s why:
• It is five times more effective to sell to an existing customer than it is to find a new customer.
• Customer loyalty drives profitability. It is estimated that keeping a customer can increase profits between 25 and 80 percent.1
• Loyal customers make repeat purchases.
• Loyal customers tend to buy across your portfolio of products and services.
• Loyal customers give referrals.
• Loyal customers tell their friends and spread good will.
• Loyal customers are immune to the pull of competition.
• Loyal customers require ...