IT leaders devote plenty of time to landing new clients. But, should their efforts be focused elsewhere?
The National Business Research Institute conducted a study discovering that increasing client retention by just 5% can increase profits by 25-125%, largely by retaining clients who generate repeat business and generate high-value referrals. It also costs more to acquire a new client (or to re-acquire lost clients) than it does to retain existing ones. Plus, client retention can help lead to lower marketing and operational costs, and therefore, boost profits.
What do you say, is customer loyalty the most important component in your client partnerships?