By Nancy Drapeau, PRC, Senior Research Director, CEIR
“Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.[i]”
-Harvard Business Review
B2B exhibition organizers understand this basic business principle, that retaining customers is less expensive than having to find and convert prospects to new customers. Research documents this reality. And it is plain common sense. Though, the question is, what are B2B exhibition organizers doing to manage and maximize retention? Do they know what their exhibitor retention rate is? And if so, do they know how well they’re doing compared to their peer-set, a signal that they are either outperforming, are in line with, or underperforming compared to competitor events? And what are they doing to maximize retention to ultimately maximize their revenues, profits and growth potential?
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