80% of future profits focus maximum attention on your existing customers Pareto’s 80/20 rule has been part of various theories about business for years. Sometimes it is just a seemingly clever rule to trot out, and sometimes it is supported by research. A study in the United States by the Gartner Group found evidence to […]

80% of future profits focus maximum attention on your existing customers Pareto’s 80/20 rule has been part of various theories about business for years. Sometimes it is just a seemingly clever rule to trot out, and sometimes it is supported by research. A study in the United States by the Gartner Group found evidence to suggest that 80% of an organisation’s future profits will come from 20% of their existing clients. There is a great deal of potential in existing clients. Further, an HBR study found that new customers cost 5 to 25 times more than the cost of retaining an existing customer. It makes very good sense to work hard to retain existing customers. There are many secrets to retaining existing customers.. However, the following are worth highlighting: • 68% of customers leave a brand because they believe it has become indifferent to them • 29% of customers switch…