Inside Sales 101 - Customer Service Basics: Business Power Skills: Customer Service

Studies have shown that it costs five times as much to attract a new customer as it does to keep an existing one. In a survey of customer retention, 44% of companies said that they focus their efforts on acquiring new customers, but only 18% surveyed focus on retaining existing customers. Another survey revealed that companies who increase their customer retention rates by 5%, increase their profits by at least 25% and often more. These statistics make it clear that loyal customers help drive a company’s growth and profitability. The key to keeping your customers satisfied and loyal to your organization is excellent customer service. In this lesson, you will learn how to build relationships of trust and appreciation.