Sid Probstein, CTO of Attivio, wrote an article which lists a lot of reasons why you should listen to your current customers instead of just focusing on getting new ones. Here are some of them:
- Acquiring new customers can cost five times more than satisfying and retaining current customers
- A 2% increase in customer retention has the same effect on profits as cutting costs by 10 percent
- The average company loses 10 percent of its customers each year
- A 5% reduction in customer defection rate can increase profits by 25-125%, depending on the industry
Enough reasons for you to start doing field studies?
Read the entire article here: http://www.destinationcrm.com/Articles/Web-Exclusives/Viewpoints/Listen-to-the-Voice-of-the-Customer-53239.aspx
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