how many more times will it cost to attract a new customer than it would be to keep an existing one?
Experts say, 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 success.
It takes 10 dollars of new business to replace one dollar of lost business, Butland says, a figure commonly accepted in corporate circles -- sometimes expressed in the saying It's 10 times more expensive to get a new customer than retain an existing one..