A recent study by Forrester Research show that CMOs are more interested in launching new products and acquire new customers than keeping the ones they already have.
CMOs ranked customer retention 5th, increasing customer lifetime value came 8th and increasing customer satisfaction and advocacy 9th, which is surprising since retaining customer and increasing their lifetime value is a lot cheaper than gaining new customers. The same goes for increasing customer satisfaction.
In addition, studies have shown that satisfied customers are easier to turn into evangelist is a lot more effective than traditional marketing at generating revenues.
The study begs to ask, do CMOs have the wrong priorities?