We all learned a mantra in Business 101, “It costs three times as much to win a new customer as it does to keep an existing one.” Or, is that five times as much? Or eight? We’ll get to that answer in a minute, but the point is clear – customer service breeds customer loyalty, and that is essential to profitability.
The American business environment never gets easier. When is the last time you heard someone say, “Wow, my industry is so much less competitive than it used to be!”? Probably right around the time someone handed you a free lunch. Your competitors are driving themselves to maintain their customers and grab a slice of your pie, too. Unless you have a product or service that nobody else has, excellent customer satisfaction is your top priority.
This customer service infographic is a way to help you see what I’ve been writing above. Devoting your company to outstanding customer service is your best way to buttress success and profits. And, that new customer? She costs you five times as much as your existing customer.
The infographic is provided by National Business Research Institute.
