So I realize I’ve been harping on this for a while, but I just got this update from e-marketer that got me fired up. As reported by e-marketer, a study by Unisfair reports that 6/10 marketers say customer acquisition is a critical priority. No surprise. What is surprise however, is that less than HALF of those surveyed said customer retention was important. I know I’ve been on my soapbox lately on the customer experience, but EVERY marketer should consider retention a priority…because once a customer leaves you, consider the cost of replacing that customer via acquisition which is 10x the cost of simply retaining that original customer.
Customers generally leave due to negative experiences (poor price, service, compatibility, etc.). What the survey tells me is that 50% of marketers are basically ok not placing the customer relationship as a priority.
Am I the only one out there who finds this problematic? It just takes one angry customer to tell 10 more, or even 100 more people about their experience. In the case of Dave Carroll and United Airlines, 5 million folks have seen “United Breaks Guitars“. So why wouldn’t customer retention be a priority?