ValueNotes Connect
Welcome to the April issue of ValueNotes Connect.

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.

Best regards.

Do you measure customer loyalty?
by Varsha Chitale
customer loyalty Customer is King – the raison d’être of every business. It is imperative for all businesses to listen to their customers. Customer loyalty, in particular, is of immense value to any company. A high customer loyalty indicates that your company is doing a key part of its job right. It also means that you have to try less hard to increase sales. You get repeat customers who talk about you to others they know, and these referrals lead to new customers. So it is surprising that most companies don’t specifically measure customers’ loyalty and their propensity to give recommendations. Net Promoter Score (NPS) is a metric that is increasingly being used globally to measure customer loyalty.
Why structured “Voice of Customer” studies help in customer retention
by Arun Jethmalani
voice of customer Today, as global and local economies struggle to grow, traditional sales and marketing strategies are proving less and less effective. Companies are less motivated to take on new vendors or try new services, decision making is agonizingly slow, and pricing is cut-throat. In this situation, the RoI on sales and marketing has fallen significantly, as new customers are few and far between even as sales costs are rising. At the same time, unhappy customers are more inclined to move to a lower-cost competitor. Research has shown that customer retention can do more for your top-line and bottom-line than traditional sales efforts.
Latest Research
Commissioned research
Some client problems we have solved:
  • Awareness of ABS + Airbags among OEM dealerships
  • Voice of customer & competitor benchmarking study for an Indian paper mill
  • Study on oil change intervals for international car models in SE Asia
  • Customer satisfaction survey for lighting control gears for a German client
  • Voice of customer study – for a European engineering firm – to determine desired features of a new product
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