The Cost of Losing Just One Customer

After writing about my contact lens saga, I was pleased to see these facts in my inbox - facts we have all heard but bear repeating, courtesy of Douglas Publications:

Is losing one customer really a big deal? You bet! When one customer has a bad experience with your company, they will tell 11 people about the poor service, and they will each tell five more people. If only 25% of those people decide not to do business with your company, that's still 17 lost customers -- and potentially $1 million in lost revenue over their lifetime.

Regaining those "lost" customers is much more difficult -- and costly -- than simply keeping them happy and loyal.

So maybe we all need to do a mental review of July (or 2005 in general) to see if customers were thanked, appreciated, and made to feel special. I know that is all I want as a consumer.  And know by doing this, you can also position a referral request.