Metropolitan Chicago's ability to retain and foster new businesses is an important regional economic indicator. Businesses base site decisions on factors such as access to customers, workforce, infrastructure, and public policy. CMAP analyzed data on moves, creations, and closures of establishments to better understand business churn in our region. With job applicants lining up around the block, it might seem like good business sense to let employees quit rather than raising their salaries to be competitive. But a recent study from the Center for American Progress drives home why that isn't so: Employee turnover is expensive.

Key Takeaways:

• Once attracted, businesses often fail to retain to customers because they do not listen to, fix and follow up on customer complaints.
• Net Promoter Score (NPS) surveys measure customer satisfaction and loyalty, allowing businesses to identify and market accordingly to different types of existing customers.
• Strong customer success programs allow businesses to identify a customer issue, attempt to solve, and then follow-up, reducing customer churn, increasing customer satisfaction and loyalty.

“Now the world’s leading metric for measuring customer loyalty and happiness, NPS is also shown to be highly predictive of future growth.”

Read more: http://blog.marketo.com/2017/06/less-1-churn-possible-just-listen-customers.html