Want to win new customers? Ok great. But whatever you do, don’t ignore the ones you already have. Studies show that the longer your customers stay, the more they’ll spend with you*. Happy customers = loyal customers = boosted bottom line.
*Depending on the type of business, reducing the loss of customers by just 5% can boost profits by 25% to 95%.
Ref: Multiple effects of business plans on new business ventures – Burke, A; Fraser, S and Green, F; Journal of Management Studies Vol. 47 Issue 3 pp. 391-425, May 2010