Losing Customers

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Daily Sales Tip: Hidden Costs of Losing Customers

Salespeople have been warned for years about the economic impact of losing customers. Here are new hidden costs that should be considered:

* Negative word-of-mouth, especially with the advent of blogging and social networking where people can now broadcast their points of view to thousands or millions of people.

* Substantial costs in trying to acquire new customers to replace lost customers.

* The amount of time it takes for a customer to become profitable to a company.

* Lost opportunities for customer referrals and recommendations.

* The toll that losing customers takes on a company's employees resulting in layoffs and office closings due to lost revenues.

Source: Adapted from Retaining Customers in Tough Economic Times, by Kyle LaMalfa

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