Nov 22, 2017

The cost of losing a customer

Most organizations do not fully realize the cost of losing a customer. Sometimes these losses are shrugged off and it's assume that a lost customer can be easily replaced with a new one. However, research by TARP Worldwide estimated that it costs five times more to get a new customer than to retain an existing one. In light of this, focusing on customer retention should be an essential part of any long term business plan.