New clients may seem like the holy grail for financial success, but don't neglect existing customers

  • Winning a new customer costs five times more than retaining an existing one
  • The most common way to lose a client is by cumulative mistakes
  • A 5% improvement in customer retention can lead to over 25% profit improvements
  • A satisfied client tells four people; dissatisfied clients tell nine people

    • Source

    Electrical and Mechanical Contractor

    Postscript

    Paul Clapham runs marketing consultancy Junction 13 Marketing & Design.