Customer service is, and always has been, at the core of the contact center. For instance, aggregated research shows that 71 percent of customers have ended their relationship with a company due to poor service. Furthermore, 39 percent of customers admitted to avoiding a company for two or more years after a negative service experience. As a result, 62 percent of organizations view customer experience provided through the contact center as a key competitive differentiator.

People love to talk, especially when it comes to customer service. Today’s consumers are flocking to the web to discuss their experiences with companies—good and bad. In fact, 46 percent of American consumers say they always tell others about good service experiences; however, an even greater number (60 percent) say they talk about poor service experiences, according to the American Express 2014 Global Customer Service Barometer.

It’s the question on every business owner’s mind: What’s the secret to generating more profits? Most companies would answer customer acquisition, arguing that the only way to boost your bottom line is by onboarding new customers. Those companies, however, would be wrong, as the real money lies in customer retention.