Listen to this: a friend wrote to his cellphone provider in the Netherlands to cancel his contract (he's moved from there and doesn't need a phone anymore).
The company writes back, saying stay with us please, and as a carrot offering a year's contract including 90 minutes of free calls a month, for just 2.25 euros per month - that's about $3.
Why did they offer such a good deal? Because they know it's a lot cheaper to keep an existing client than to find a new one.
It's said it costs 5-6 times as much to find a new client than it does to keep an existing one. I think it could be even more than that.
This Dutch cellphone company clearly knows that - and is doing everything it can to keep my friend loyal.
Even though he lives 3000 miles away.
Are you doing enough to keep your existing clients?
And are you doing enough to encourage them to spend more with you, more often?