In support of my observation, I saw this today in a "Business Management Daily" post:
"Although it’s difficult to measure ROI with the level of accuracy achievable in some other areas of running a business, researchers continue to explore the impact of customer service training on customer loyalty, as measured by customer retention, and a company’s customer service standards. Customer satisfaction research by Richardson, Texas–based KnowledgeBase Marketing Inc. concluded that investments in customer retention (such as money spent on customer service training) provide a far greater return than investments in customer acquisition. The research also showed that, compared with other customers, long-term loyal customers:
- Buy more per year
- Buy higher-priced options
- Buy more often
- Are less price-sensitive
- Are less costly to serve
- Have a higher lifetime value"
If you have not yet considered this element as an important part of your 2009 event strategy you should. An example is giving your customers access to executives, and introducing special programs for mutual benefit.
Keeping a tight grip on existing customers may prove essential to your company's well- being.