The easiest way to lose your customer is to lose touch with them.
It is not uncommon for companies to lose 20–50% of revenue each year from customer defections. Dollar for dollar, investments in customer retention are five times more profitable than investments in customer acquisition. And with print sales now a zero sum game, your clients now hear from your competitors more than ever before.
These companies are promising your clients the same level of care and quality that you currently provide–so focusing your resources on client retention is crucial. Even if that means reallocating resources from other areas.
Frequent communications (like drip marketing campaigns, company events, personal visits, etc.) will go a long way toward making your clients feel appreciated, and also provide some insulation from the competition.
Conversely, cutting back on these things (while your competition ramps them up) will have a heightened negative effect.
Something to seriously think about and swiftly act upon.
