Huge Benefits of Customer Retention     Drive profits through giving customers lots of reasons to stay VadiK Inventor Author Founder   Experienced ones say that it takes 5 to 10 times more time, effort and expense to win new customers than it takes to keep existing ones. In today's competitive business world and challenging economy, retaining your customer base is critical to your customer success. If you don't give your customers some good reasons to stay, your competitors will give them a reason to leave.     Happy Business is about Love Happy business and value innovation are about love – love what you do and love your customers. Loving is about striving to make your loved ones happier. If you make your customers feel happier, they will stay with you, and you both will enjoy this lasting loving relationship.     Loving Customer Relationships Love your customers. If you ignore them, they will very quickly ignore you, and leave. Focus more attention towards post-acquisition customer engagement if you want to enjoy cumulative benefits: the customer base, revenue and cash flow will keep increasing... More   Exceed your customer's expectations. If you do, they will come back over and over. Give them what they want – and a little more. Let them know you appreciate them. Sam Walton When you delight your customer – consistently – by offering better products and better services, you create strong loyalty. Michael Dell< We see our customers as invited guests to a party, and we are the hosts. It's our job every day to make every important aspect of the customer experience a little bit better. Jeff Bezos Amazon   Statistics Acquiring new customers can cost five times more than satisfying and retaining current customers A 2% increase in customer retention has the same effect on profits as cutting costs by 10% The average company loses 10% of its customers each year A 5% reduction in customer defection rate can increase profits by 25-125%, depending on the industry The customer profitability rate tends to increase over the life of a retained customer   Customer Experience (CX) Customer Experience Management (CXM) CX Plan Value Innovation 10 Tips Customer-driven Innovation Ask Learning SWOT Questions   Profit comes from repeat customers that boast about your project or service and that bring friends with them. Edward Deming   Drive Profits Customer satisfaction and retention drive profits. It's far less expensive to cultivate your existing customer base and sell more services to them than it is to seek new, single-transaction customers. Most surveys across industries show that keeping one existing customer is five to ten times more profitable than attracting a new one.   Customer Retention Surprise Your Customers Great Customer Service as a Differentiator Lessons from Dell   Do what you do so well that they will want to see it again and bring their friends. Walt Disney   Partner with Customers Customer connection comes from engaging customers, involving customers as co-innovators, partnering with them. Partnering with customers improves your firm's capacity to anticipate what customers need even before they know they need it... More   Impact of Customer Dissatisfaction How To Reduce Marketplace Return Rates using the 5Whys Analysis   Slides   Customer Success 360   Notes