article thumbnail

Your 3-Part Action Plan to Improve Customer Retention Today

SharpenCX

If your team can’t retain customers and establish long-term relationships that last, your entire company suffers the losses. According to research out of Bain & Company , increasing your customer retention rate by just 5% can increase profits anywhere from 25 to 95%. Customer acquisition on the other hand is costly.

article thumbnail

Connecting Satisfaction With Behavior: Does The Service-Profit Chain (or The Employee Engagement-Profit Chain) Still Work?

Beyond Philosophy

Here’s a summary which encapsulates the difference between satisfaction and loyalty as metrics, expressed by Susan Wyse of Snap Surveys in a June, 2012 post: “Customer Satisfaction is a measurement of customer attitudes regarding products, services, and brands. Customer Loyalty on the other hand has two definitions.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

5 Top Customer Service Articles for the Week of November 26, 2018

ShepHyken

Busting 3 Massive Myths About Employee Engagement by Christine Comaford. Forbes) There’s a lot of buzz about employee engagement these days. But the sad truth is that engagement stats worldwide are still dreadfully low. No, I Don’t Want to Take Your Survey By Gerry McGovern . Am I your employee?

article thumbnail

Top Advantages & Disadvantages of Customer Feedback Surveys

ProProfs Blog

Customer feedback surveys are the go-to tool of every business to understand their customer needs and sentiments. The advantages of surveys lie in their simplicity, ease of creation, quick feedback collection, and so on. What is Customer Feedback? Best Way to Gather Customer Feedback Data. Ask Them Directly.

article thumbnail

Voice of Customer: How to increase customer survey participation rate

Global Speech Networks

But getting them to share those thoughts isn’t necessarily easy — which is why Voice of the Customer (VoC) software offers built-in solutions for understanding and improving participation rates. Why are survey participation rates important? A few key obstacles that could discourage direct feedback may include: Survey timing.

Surveys 52
article thumbnail

What is the biggest risk your Customer Experience program can pose to your business?

Satrix Solutions

As many studies have demonstrated , a company-wide focus on delivering a strong customer experience at every touchpoint will often have very positive effects on a business. A CX survey program that fails to invite the right customer contacts, thereby skewing the data and findings towards those who may not be your key stakeholders.

article thumbnail

The Four Call Center Dashboard Metrics Your Executive Team Needs to See

SharpenCX

When organizations practice transparency with their employees, they see greater success in several areas. They have increased employee engagement, a stronger company culture, and foster a comfort that empowers employees to communicate freely. When your customers are satisfied with your service, they’ll come back.