UK firms to face customer drought

According to the Institute of Customer Service, you can kiss goodbye to 10% of your customers in the next three years. 'What have I done?!' you cry. You haven't loved them enough, says the ICS.

by Rebecca Burn-Callander
Last Updated: 19 Aug 2013
The customer service body is predicting a crisis of Mad Max proportions. A consumer wasteland stretching into the future, costing businesses across the UK a total of £2.2bn in lost revenue.

As consumer spending continues to drop, a fierce war for customers will begin, says the new report. Churn will hit unprecedented highs. With latest figures showing that it costs some £6,500 to replace each lost customer, and as long as two months to do so, this could be a long, hard drought.

But UK plc has brought this upon itself, says the ICS. As customer spends have fallen and cash has become scarce, business leaders have cut back on customer service to the detriment of their customers. Some of Britain’s largest firms are expecting to lose 10% of their customer base over the next three years.

So, to help you avoid the coming drought, we’ve got a selection of tips and advice to help you hang on to your customers and win new ones. Don’t wait for the drought to hit, start nurturing your customers now.

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