Originally written by aileenallkins on Small Business
As a business owner, your customers are your most important asset. These customers can be your biggest champions or harshest critics, with both sides of the coin equally important for business development and long-term success. Knowing how to retain customers is crucial. Ultimately, your customer base will drive financial revenue, making customer service a crucial investment for any company: a massive 96 per cent of customers state they would avoid a business as a result of bad customer service.
Attracting new customers is often seen as the key to helping a business thrive. Yet while keeping the customer pipeline healthy is of course important, there is a flip side to this: understanding the value of the customers you already have. Retention is far cheaper than acquisition, with a recent study showing that converting and onboarding new customers can cost up to seven times more than maintaining those already on your books.
Whilst the excitement of new customers might bring a buzz to your business, a high churn rate fails to recognise the long-term value of loyalty. Refining your customer service offering to improve retention will result in a highly engaged customer base, who are more likely

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