Also, let’s not forget that the cost of acquiring a new customer is usually very high. It is thus critical for any business to retain its existing customers. Moreover, various regulations and law amendments have further empowered the customers, who now enjoy greater choice and flexibility. For example, the introduction of service portability across mobile networks life insurance and health insurance portability have enabled customers to switch from one service provider to another with relative ease and efficiency. Such customer-friendly regulations are likely to evolve further. This makes it crucial for businesses to provide quality products and services to customers to retain them at all times.
End note
Remember, without customers there can be no
business. And, if you don’t give customer the service levels they desire, they
won't come to you again and at the same time, they will persuade others not to
come to you too!
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