Question: . Elaborate It costs five times as much to develop a new customer as it does to retain an existing one. Regardless of the exact

. Elaborate

  1. It costs five times as much to develop a new customer as it does to retain an existing one. Regardless of the exact figure of higher costs, its easier for the organization to keep and existing customer than it is to acquire new customers, to this end, customer service strives to keep customers happy and creates in the customers mind the perception of an organization that is easy to do business with.

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