In a marketplace where too many products and services are chasing too little demand, businesses face a daunting challenge: do everything possible to attract and retain customers.

The stakes are high: Reducing customer attrition by 5 to 10 percent can increase annual profits by as much as 75 percent, according to a study by The Wharton School.

Customer service starts by offering both a trouble-free shopping experience and a smooth business transaction. But now more than ever it's also about anticipating and meeting a person's or company's wants, not just needs.

This report lists eight strategies for creating a relationship with your customers that will keep them coming back.