Sunday, December 27, 2009

Conversation economics

What's the value of a conversation?

Or to put it another way, what's the opportunity cost of not having a conversation with your customers? (And by a conversation... I actually mean a continuous dialogue not a one-way monologue that pushes information at them).

We're now living in a world of Attention Economics, where the attention of a customer is easily lost and so very hard to regain (especially if your business is commoditised). So basically a lost conversation is a lost customer, and with the cost of customer retention usually far cheaper than new customer acquisition... even the financial benefits are obvious.
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