Knovel Customers renew at 95%! This means that 95 out of 100 customers, who were Knovel customers in 2007, renewed their investments in Knovel in 2008. Many of these decisions were made in last 3 months (4th quarter) of 2008 when our clients were looking to reduce expenses across the board. This is the best renewal performance Knovel has enjoyed since we started renewing in 2002. This even included major automotive and equipment customers. A line from Shakespeare’s Tempest seems appropriate - we hope “past is prologue” in 2009. Why do Knovel customers choose to maintain and grow their investments with us and why am I calling an annual subscription bill an investment? The Engineering VP from a major oil company sums it up well –
“It used to be a minimum of an hour and could be up to half a day to find the information we needed. Now it takes minutes, and we know we are getting accurate information that we can be completely confident in.”
This company is cutting back and, at the same time, investing in tools to help staff do their jobs better and faster (e.g., more productively). Knovel is also investing heavily in resources to work with our current customers to ensure that they take full advantage of the money spent; you will see more training, more features and content based on customer needs and more Knovel people on your actual and virtual doorsteps in the coming months. Increasing investment when our customers need us most will stand us in good stead as we continue to build relationships that last for the foreseeable future.
We recognize the extreme pressures our clients are feeling; we are feeling them too. In the 1st quarter of 2009 we see ever increasing efforts by companies, academic institutions, and government to manage expenses, but many have had time to digest and consider their choices and now work with scalpels rather than scythes. To that end we are reaching out to all of our customers to understand their needs so that everyone’s expectations can be well managed in this difficult time. If we have not spoken I encourage you to send me a note at [email protected].
Thanks,
Chris Forbes
CEO
Knovel
It used to be a minimum of an hour and could be up to half a day to find the information we needed. Now it takes minutes, and we know we are getting accurate information that we can be completely confident in.
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