The Challenge of Retaining Customers
By: Rick Boxx
March 27, 2015
According to a 1996 Harvard Business Review article, the average business then lost 50% of their customers every 5 years due to poor customer service. Since most businesses expect net revenue growth each year, constant prospecting for new customers is critical – unless you do more to retain your existing customers.
Most business leaders know that retaining a customer costs far less than acquiring a new customer, yet it is frequently overlooked. Many leaders do not even know the volume of customers that leave their business in a typical year.
Proverbs 27:23 teaches, “Be sure you know the condition of your flocks, give careful attention to your herds.”
If you don’t already, start tracking the number of customers you lose each year. It may motivate you to find ways to keep them.
Learn more about Rick Boxx and Integrity Resource Center