The best way to gain a member

I came across a quote on Twitter recently that really resonated with me. “The best way to gain a customer is to not lose one you already have.”

Let that sink in for just a minute. “The best way to gain a customer is to not lose one you already have.”

Financial institutions (and most other businesses for that matter) often spend countless hours and a lot of money courting new customers, but very little time and money keeping the customers they already have.

My internet company is notorious for doing this. They lure new customers with massive discounts on bundled products for the first year or six months of the relationship. Then they jack up the price to almost double – sometimes more – when that contract expires. In our market, they frequently lose those customers to the next big deal from another internet provider.

 

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