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"You don't know what you've got till it’s gone"

"You don't know what you've got till it’s gone"

Some commentators have said that it costs up to 10 times as much, some have suggested even 20 times, to find a new customer than it does to retain an existing one. Whatever the true figure, one thing is clear, in the current and future economic conditions it makes sense to hold on to all the customers you have worked so hard to win before you start looking for new ones.

So how do you hold on to a customer and why do people leave you? Well the latter is pretty easy to explain and, once more, there is much documented evidence around. What is clear is that customers rarely leave you because of price. In fact anything up to 85% of your customers may not be price sensitive at all. Around 10% will leave you for a competitor’s offer, however 70% will leave you if you are perceived to be indifferent to them and their needs. The message is clear – if you want to maximise customer retention then the priority areas for action are:

Maximise customer service excellence across the business; know what your customer wants and deliver it.
Build relationships with your customers; people like to buy from people they like.
Clearly understand your price/value proposition, USPs and guarantees offered.
Know your competitors and their product ranges.
Customer loyalty is the key. Harvard studies show that increasing customer loyalty by just 5% can increase profitability by a full 25%.

So what not to do? Evidence also shows that cutting prices is almost always folly. Margins fall and so much new business is required to replace lost revenue it is almost impossible in a recessionary market to recoup what you have discounted away.

So don’t lose your customers for any reason. Don’t let a ‘big yellow taxi’ or anything else for that matter take any of them away. Thanks Joni!





You dont know what youve got till its gone - To learn more about this author, visit Cyril Dunworth's Website.

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Cyril Dunworth
(Visit Cyril's Website) Cyril Dunworth, Ology Coach in Dublin is a Professional Business & Executive Coach having trained at the Adler School of Professional Coaching. working with all types & sizes of businesses from Sole Traders to Multi National. Cyril is also an Inscape Certified Trainer on key business and management skills. Having worked as a coach and trainer for public companies like Sage, Élan, Green Isle Foods, Ramada Hotels, Tui and many privately owned companies throughout Ireland, Cyril specialises in creating a clear vision for the businesses future and facilitates, with the business principals, movement towards that vision. Cyril is dedicated to the profession of Coaching and has helped many business owners and individuals challenging them to become better business people. Cyril helps businesses to improve not by imposing his will upon them but by facilitating their own education in the areas that challenge them. He is a professional who brings motivation and focus to any business. For more coaching articles Ology Coaching News

Cyril Dunworth is a Silver author on EvanCarmichael.com
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