WVC 91st Annual Conference
In order to survive, let alone grow, a practice has to attract and retain loyal customers. A loyal customer is one who has a positive attitude about the practice, who buys frequently and who recommends the practice to friends and colleges. It cost more to acquire new customers than to retain current customers. This means loyal customers generate more profits each year they are retained. Given that successful practices typically see 80% of their income come from just 20% of their customers, it is vital that we learn to focus on customer loyalty especially with our top customers.