A common question that many of our SaaS clients ask is: “What’s more lucrative, retaining a customer or closing a new one?”
Well, there’s really no debate. Studies prove that seventy percent of companies say it’s cheaper to retain an existing customer than gain a new customer.
This is why Forrester has dubbed this era the “age of the customer.” They conclude that strong customer relationships represent business value and, ultimately, business growth. For B2B companies, in particular, customer insight like understanding what your most lucrative customers are doing inside your company’s most important digital property—your web application—is inarguably more critical than cultivating new customers.
Here are four reasons why customer insight is important:
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