Farrington Development Blog
You dont miss what you miss until you miss it.
It takes more effort to win them back than keep them happy.
The cost of losing a customer is much higher than the cost of gaining a new one.
- The average company loses 20% to 40% of its customers each year due to poor service, according to research from Harvard Business School.
- A recent study by Bain & Company found that companies spend three times more on acquiring new customers than on retaining existing ones. Companies that fail to focus on retention are "like a gardener who plants seeds in an area with no irrigation system," says Bain partner Michael Artzt."
You don't miss what you miss until you miss it.
This is a very important principle to remember when running your business. As an entrepreneur, it's easy to get so caught up in the day-to-day tasks of running your company that you forget about how much work goes into providing value to your clients.
You don't have time to do everything yourself, so make sure that there are systems in place so that when issues arise with any of your clients, they can be resolved quickly and efficiently by other employees who understand the process and know how to address common problems.
It's also important not just for keeping things running smoothly on a daily basis but for building long-term relationships with customers too—make sure that you're providing them with what they're looking for!
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