What is the real cost of losing a customer?

Companies spend a lot of time and money to attract new customers, but less effort goes into figuring out why they lose customers. However, the cost to business of losing customers, as well as the impact on the overall company, is dangerously high, which is why it’s more profitable to expend your efforts on retaining existing clients.

The stats don’t lie – here are some sobering stats:

• 68% of customer defection takes place because customers feel poorly treated
• 95% of people who have a bad experience do not complain 13% tell up to 20 other people, while a satisfied customer tells only five other people
• It can cost five times more to buy new customers than retain existing ones
• 1% cut in customer service problems could generate an extra R200 million in profits for a medium-sized company over five years.

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