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Thursday, 4th November, 2010 | Source: ReadWriteWeb | Category: Marketing and Trustcasting

The Value of an Existing Customer

You’ve always heard that it costs more to win a new customer than to keep an existing customer, but just how great is the difference? According to a report from Bain & Company, it’s six to seven times more costly to acquire a new customer, and companies that boosted their retention rates by as little as 5 percent saw increases in profit ranging from 5 to 95 percent.