“The purpose of a business is to create and keep a customer.” – Peter Drucker
I love that quote. In one short sentence, Drucker summarizes what a business – and customer experience (CX) – is all about. But despite that wisdom, companies continue to focus primarily on creating customers, often forgetting that keeping them is the way to organic growth. And when they do focus on keeping customers, the focus is all too often on trying to trap them – requiring a phone call to cancel (I’m looking at you, TiVo and Comcast), or requiring contracts that assess fees to leave (Comcast, you again).
Jeannie Bliss has been beating this drum for years. We need to listen to her. What matters is new customers minus attrition, plus how much those customers spend with you. Everything else is just window dressing. Read more