Five Ways to Keep Key Customers

1. Continually ask your customers how they feel about your current level of service and/or the quality of your products.

2. Ask customers if they think your firm's level of service has been improving, deteriorating, or has remained steady in the past six months.

3. Calculate what a loyal customer is worth to your organization over the course of three years. To do this, find the purchasing records for several current repeat customers determine the amount they have purchased, and how much net profit per year these purchases generated.

4. Find out what it would take for current repeat customers to defect to a competitor. They may be satisfied with your company today, but what issues would cause them to reconsider their business relationship with you?

5. Track how many customers you've lost in the past several years, and how many you've added. Calculate the cost of adding each new client, as well as the cost of losing a client.

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