Customer Retention: Why Investing in Long-term Growth is a Smart Bet

A quote from well-known customer service and customer experience advocate Bill Quiseng encourages organizations to “work as hard to keep a customer as you do to find a new one.” And if you’ve ever wondered if customer retention should at least receive equal effort and investment compared to customer acquisition, here are a few statistics that prove winning a customer is good for business, but keeping one is even better:

Think of the additional customers and lifetime value that could be delivered through a little extra attention to retention. This leads to the importance of an increased focus on and investment in customer service. Consider this:

According to a new PwC survey, more than a quarter of U.S. CEOs are increasing their spending on advertising this year. But the most valuable promotion will come to those who not only invest in winning customers, but keeping them.


Want to Learn More About Customer Service and Retention?
Read 10 Customer Service Trends to Watch in 2016

We’ve asked 10 customer service thought leaders including Chief Customer Officer author and Customer Experience Professionals Association (CXPA) co-founder Jeanne Bliss and New York Times bestselling author and customer service keynote speaker Shep Hyken to give their thoughts on the top customer service trends brands and organizations should be following and acting on in 2016.

We’ve also asked what organizations can do immediately to improve customer service. What were their answers? Download this new eBook today to get expert suggestions on where your attention and budget should be focused in 2016: