The Importance of Customer Feedback: Are Silent Customers Happy Customers?

We all know the old cliché "the squeaky wheel gets the grease." It is easy to provide a helpful and meaningful experience when a customer asks for it, but how do we ensure that we are providing a high level of service to those less inclined to speak up? The importance of valuable customer interactions is paramount. It costs 5x more to acquire a new customer than it does to retain a current customer, and in an economic environment that is demanding the prioritization of revenue retention, we must listen a little closer to what our customers have to say.