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Research indicates it's 6-7 times more expensive to gain one new client or customer than it is to retain one. And yet many businesses spend thousands of hours, and dollars, trying to acquire new customers, and relatively little time and effort nurturing and retaining their existing ones.

Valuing and retaining your current clients and customers is essential. Not only will you benefit from their continued custom, you are also more likely to benefit from any new clients or customers they recommend.

Personal referrals and recommendations can account for as much as 85 percent of business for many businesses, particularly those with a high service focus.

Clients and customers who already trust and respect you:

• Are more likely to acknowledge, and value, what you provide and the benefits they gain from dealing with you
• May be more willing to accept your prices, terms and conditions without question or negotiation
• Are often more loyal
• Require less 'selling to' and
• Are more likely to continue doing business with you, and even increase the amount they spend, as their trust in you increases.

They are also significantly more likely to recommend you to people they know and trust giving you an opportunity to gain new clients whilst reducing your acquisition costs and improving your profitability.

But, and it's a big but ... people will only recommend you when they are confident you will deliver on your promises, as it's not your reputation they're putting on the line when recommending you. It's theirs.

So how can you improve your chances of being recommended more often and acquire low-cost / high-value clients who are positively pre-disposed to dealing with you? Adding value to your existing clients and customers on an ongoing basis is essential.