WOW Your Way to Profit - Learn How 5% of WOW Can Boost Profits By Up To 85% By Lynn M. Thomas In this country (USA), we lose 180 million customers a year Additionally, it costs most companies, on average, six to eight times more to obtain a new customer than to retain an existing customer. So, let's do some simple calculations. If an average customer generates $1,000 of profit each year, and will stay with a company for an average of ten years, then that customer would create $10, 000 of profit for the business. If the average company pays $4,000 in acquisition costs to attract a new customer, but $500 to retain an existing one, where should the company focus most of its resources? Yes, on retaining existing customers, because doing so will have a multiplying effect on profits: it will reduce operating costs and increase profits, as well as increasing the company's sales hit ratios. In two to three years, a 5% increase in a company's retention rate will generate a 15% to 85% increase in profits. Tell me about another marketing or financial strategy that will generate this level of profitability. It is the most powerful leveraged opportunity in your company today. No doubts. No questions. No second thoughts. It is the winner, hands down. This is the only book on the market that offers you the unique opportunity to take advantage of these powerful dynamics to improve your company's effectiveness and profitability. After completing the exercises, you will have a much better idea of the strengths and weaknesses of your firm, and you will be able to identify specific ways to improve on its strengths and minimize its weaknesses. Improving your understanding of the whys and hows of customer retention will allow your company to soar