In today’s competitive environment, the focus on retaining customers has become a high priority for every business. It costs six to seven times more to acquire a new customer than it does to retain an existing one. To quote Bain & Company – increasing customer retention rates by 5% increases profits by 25% to 95%; and companies that excel in customer experience can grow revenues 4% to 8% above their market.

Given that we’re living in an era of the empowered customer – whether in the B2B or B2C space – it is imperative that businesses listen to their customers. High customer loyalty indicates that your company is doing a key part of its job right. It also means that your customers will talk about you to others they know, and these referrals will lead to new customers. Varsha Chitale tells us how companies can measure the satisfaction levels among their customers.

For businesses that sell to enterprises, the benefits of listening to your customers (or costs of neglect) can be more acute. Arun Jethmalani tells us why there is a need for a largely qualitative research process to understand the voice of each customer – given that solutions will be customer-specific.

Read about how we helped a Fortune 100 company tap an $80 million opportunity through a voice of customer study.

As always, we hope you enjoy reading our newsletter, and we look forward to your comments.

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