The Harsh Reality:

• Each year the average company loses 10-15% of its customer base;
• 84% of customers who leave, say it is due to poor service;
• A typical business only hears from 4% of dissatisfied customers.  The other 96% leave with no explanation — 91% of these, leave for good.

Why Customer Loyalty?

• It costs between 5 and 10 times more to attract a new customer than it does to keep an existing one.
• Just a 5% increase in customer retention typically yields 25-95% increases in profit.

Every company executive will raise their hand and say they believe having loyal customers is a key to business success. But what are executives really doing about it? Most will point to their customer care training or CRM system and say, “That’s how we take care of loyalty here.”  Some will also point to their monthly newsletter or discount program to demonstrate their efforts. All of these are good attempts. However, when competitors can easily mirror such activities, one-way communications is simply not enough.

Fostering true loyalty and engagement with customers starts at a basic level. These three principles should guide you in your efforts to create greater loyalty and engagement within your organization. Now is the time to retain more of your customers and accelerate business growth.

These are 3 fundamental concepts related to customer loyalty that must be understood before successful relationship building can occur.  Read more to gain a powerful competitive edge.

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