Loyalty is the key to profitable growth. Business research shows that it cost far less to retain and service an existing customer as it is to acquire a new one. A 5% increase in customer retention could yield anywhere from a 25% to a 100% imporvement in profits.
Customer loyalty means referral business (less need to advertise), customer retention (lower customer acquisition costs) and repeat business (the key to sustainable competitive advantage). Customer loyalty also means more ‘good profits’ as opposed to ‘bad profits’.
At FENCI we can help you introduce a ‘service-profit-chain’ based on customer loyalty.
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