Interesting research by Frederick Reicheld, published in The Loyalty Effect:

1. 15% to 40% of satisfied (yes, that’s “satisfied” not “dissatisfied”) customers defect each year.

2. Satisfied customers are 6 times more likely to defect than totally satisfied customers.

3. A 2% increase in customer retention is like a 10% reduction in operating costs.

4. A 5% reduction in customer defection results in profit increases from 30% to 85%, depending on the industry.

5. It costs 5 to 7 times more to find new customers than retain customers.

The solution? Great customer service! Great customer service relies on hiding complexity. Interactions should seem effortless, and be centred on the customer, not the inner workings of the business.