Any company that thinks it can survive without customers or continually recruit new customers leaving a wake of unhappy ones in its trail is going to have a very hard time to succeed. :(

Some interesting facts:

 - 68% of customer defection takes place because customers feel poorly treated. Source: TARP

 - It can cost five times more to buy new customers than retain existing ones. Source: TARP

• It takes 12 positive service incidents to make up for 1 negative incident. Source: Lee Resource Inc

• The average "wronged customer" will tell 8-l6 people about it. Over 20% will tell more than 20. Source: Lee Resource Inc (I wonder how much this increases with the internet)

• 91% of unhappy customers will not willingly do business with you again. Source: Lee Resource Inc

• 70% of complaining customers will do business with you again if you resolve the complaint in their favour. Source: Lee Resource Inc

• 95% of complaining customers will do business with you again if you resolve the complaint instantly. Source: Lee Resource Inc

• Reducing customer defections can boost profits by 25-85%. In 73% of cases, the organization made no attempt to persuade dissatisfied customers to stay; even though 35% said that a simple apology would have prevented them from moving to the competition. Source: NOP

• Happy customers who have their problems resolved will tell 4-6 people about their positive experience. Source: the White House Office of Consumer Affairs, Washington, DC.

• It costs five to six times as much to get a new (first time) customer as it does to keep a current one. Source: the White House Office of Consumer Affairs, Washington, DC.

• Customer loyalty can be worth up to 10 times as much as a single purchase. Source: the White House Office of Consumer Affairs, Washington, DC.

• A typical business hears from only about 4% of its dissatisfied customers. 96% just go away and 91% will never come back. Source: “Understanding Customers” by Ruby Newell-Legner