Totango

MAY 14, 2021

Customer retention is the keystone in any customer success strategy. There are many different types of customer retention metrics that one can track. Which customer retention metrics have the biggest impact on your business? Customer Retention Rate. Revenue Churn Rate.

Customer retention 65

Customer retention Metrics Upselling Best practices 65

ProProfs Blog

JUNE 21, 2019

Do you have a customer retention strategy? Companies focus on customer acquisition strategies, since increasing your customer count is the lifeblood of your business. But, customer acquisition won’t help, if you are unable to retain customers. Understand Customer Retention. Source: Intuit.

Customer retention 95

Customer retention Sales Marketing Scripts 95

Totango

APRIL 30, 2021

Comparing the cost of customer retention versus customer acquisition underscores why retaining clients is so important. Here’s how to calculate both kinds of costs and why retention should form part of a profitable business strategy. Calculating the Cost of Customer Acquisition. Professional services and training.

Customer retention 63

Customer retention Advertising Engineering Upselling 63

CustomerSuccessBox

APRIL 27, 2021

In a subscription economy, customer retention is a necessary focus for business as a SaaS customer only pays 5-15% of total potential Lifetime Value upfront, the rest will only come in as future revenue IF you’re able to retain that customer. This is where Customer Success Platforms comes in. So, how do you do it?

Customer retention 52

Customer retention SaaS Accountability Engineering 52

SharpenCX

JUNE 8, 2021

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.

Customer retention 76

Customer retention Coaching Employee engagement Contact Center 76

Totango

FEBRUARY 10, 2021

A customer success strategy is a proactive plan for guiding your clients to outcomes that satisfy their needs. When your customers enjoy more value, your product adoption rates rise and customer retention rates go up. This promotes success for your company as well as your customers.

Customer retention 84

Customer retention Journey mapping Benchmark SaaS 84

CustomerSuccessBox

AUGUST 10, 2021

And this is where customer health score come into the picture. At every stage, you need some kind of a health score to evaluate the status of the account and decide how you would engage with the account to take it ahead in the journey. Who Is Using a Customer Health Score? Increased Customer Retention.

Customer advocacy 52

Customer advocacy Customer retention Benchmark Surveys 52

Totango

JANUARY 15, 2019

While it’s no doubt a thrill to pursue and persuade a new customer to work with your enterprise, for software and subscription-based businesses, the real value lies in customer retention. But your customer retention strategies should be based on long-term thinking. Leveraging Customer Retention Strategies.

Customer retention 75

Customer retention Customer centricity Enterprise CRM 75

ShepHyken

JANUARY 28, 2024

These companies “achieve 37% more effective new logo acquisition, 23% more effective account penetration, 22% more effective customer retention, and 13% higher earnings before interest, taxes, depreciation, and amortization (EBITDA) margins.” ” Understanding what customers want and expect is ever-changing.

Customer Service 166

Customer Service Consulting Consulting Customer Experience 166

ClientSuccess

JANUARY 25, 2021

The old adage that ‘your current customers are your best marketing tool’ still holds true, even in the age of digital marketing and SaaS vendors. Your current customers know your product inside and out and, hopefully, have seen firsthand the value your solution provides and the support of your account management team.

Customer retention 81

Customer retention Marketing SaaS Accountability 81

CustomerSuccessBox

SEPTEMBER 7, 2021

And in all these -the common thread- Customer Success. Customer Success as a stream has played an important role. So, without further ado, let’s see the Customer Success Trends as predicted by the CS experts. 1 Renewed focus on new customer onboarding. Like it is said, Retention starts at onboarding.

Journey mapping 96

Journey mapping Engineering SaaS Upselling 96

Totango

DECEMBER 16, 2020

Keeping up with new trends in customer success can help you promote repeat business and prevent customer churn. Here are four of the latest trends you need to know about: Automating customer success with out-of-the-box templates. Optimizing customer experience with personalization.

Journey mapping 71

Journey mapping Best practices Accountability Big data 71

JivoChat

JULY 20, 2021

People have a lot of options these days, so if you don’t have good customer retention strategies , your business won’t be as stable or profitable. It costs five times as much to win a new customer as it does to retain an existing one. In this post, we’ll reveal why you should start focusing on customer retention and when.

Customer retention 52

Customer retention Gamification Education Self service 52

JustCall

MARCH 28, 2023

It is crucial for businesses to stay ahead of these changes to ensure customer satisfaction, which plays a pivotal role in their growth. By embracing the latest customer service trends, businesses can effectively adapt their processes and leverage cutting-edge tools and technologies to streamline their customer service operations.

Customer Service 52

Customer Service Chatbots Analytics Upselling 52

JivoChat

AUGUST 10, 2021

Get answers to basic questions like what is digital commerce, explore its importance, understand how it differs from other types of commerce, and find trends and solutions with the information below. It’s predicted that m-commerce sales will account for over 60% of total ecommerce sales by 2024: Image. Digital Commerce Trends.

Customer retention 52

Customer retention B2C Chatbots Self service 52

ChurnZero

MAY 3, 2019

If you want your business to be successful in the long run, it pays to give priority to customer retention. Landing a customer who will pay for life is like hitting the jackpot. After all, it takes five times more effort to land a new customer than to retain an old one. Invest in Customer Service. Upcoming Webinar.

Customer retention 75

Customer retention CRM Upselling Sales 75

Up Your Service

SEPTEMBER 22, 2018

Topics included disruptive technology, uberization of the workforce, data analytics, supply chains, employee culture, customer experience, and much more. Here are some of 10 of the top trends we take away from this positive and powerful annual event. But the trend is unmistakable. Service is gaining in power.

Engineering 74

Engineering Metrics Technology Employee engagement 74

NobelBiz

APRIL 30, 2024

Providing Real-Time Customer Insights AI tools process and analyze vast amounts of data in real-time, providing call centers with immediate insights into customer behaviors and trends. Real-time analytics also enable managers to make informed decisions swiftly, adapting to customer needs dynamically.

Call Center 105

Call Center Chatbots Virtual Agent Contact Center 105

NobelBiz

APRIL 30, 2024

Providing Real-Time Customer Insights AI tools process and analyze vast amounts of data in real-time, providing call centers with immediate insights into customer behaviors and trends. Real-time analytics also enable managers to make informed decisions swiftly, adapting to customer needs dynamically.

Call Center 104

Call Center Chatbots Virtual Agent Contact Center 104

Noble Systems

FEBRUARY 20, 2019

In Part 1 of this two-part blog, we noted that in 2019 the overarching trend indicates a “back to basics” approach with an emphasis on the ultimate contact center goal of fostering meaningful connections with consumers. In Part 2, we will cover the “Effortless” and “Transformative” category trends. Effortless. Automate Workflows.

Contact Center 75

Contact Center Journey mapping Self service Cloud contact 75

TechSee

MAY 19, 2021

Customer service departments deal with vast numbers of inquiries and an endless volume of daily transactions, each susceptible to human error. One popular customer service technology trend is to introduce Robotic Process Automation (RPA). Customers want to feel acknowledged and understood, especially when faced with a challenge.

Technology 159

Technology Customer Service Technical Support Analytics 159

Amity

MARCH 24, 2017

” You may also be seeing an all-too-common trend: customer churn and/or a slowing trajectory of revenue growth. Most companies have revenue engines that run on delicately intertwined gears of new logos, retention and upsell/cross-sell. The key was discovering the trends that correlated with success and failure.

Accountability 56

Accountability Engineering Metrics Upselling 56

ChurnZero

SEPTEMBER 8, 2022

This is a guest post by Sara Barnes , vice president of Customer Success at Skilljar. Every Customer Success team focuses on keeping customers engaged and ultimately, preventing churn. Providing access to on-demand training enables CSMs to support more customers and create a faster onboarding process. Customer retention

Education 98

Education Benchmark Customer retention Metrics 98

Kayako

JANUARY 24, 2018

At Kayako, we do our best to understand not just our customers’ needs, but their customers’ needs, as well. Armed with that empathy and over ten years in the business, there’s been one consistent signal that stands out from the noise in this year’s customer service trends: customers want effortless experiences.

Customer centricity 83

Customer centricity Customer Service Self service Chatbots 83

CSM Magazine

JUNE 22, 2023

Integrating high-quality data into their customer service strategies will help companies achieve their goals, including increased customer retention rates, improved brand reputation, and higher profitability. This proactive approach can further enhance business reputation and foster strong customer relationships.

Customer Service 52

Customer Service CRM Accountability Customer retention 52

Lumoa

AUGUST 8, 2023

According to Gartner research, leveraging the data obtained from direct customer feedback can increase the chances of upselling and cross-selling by 15-20%. This shows the tangible, bottom-line benefits of listening to your customers. Here, we see an example of Lumoa’s AI performing regression analysis.

Surveys 83

Surveys Feedback Banking Best practices 83

Noble Systems

FEBRUARY 20, 2019

In Part 1 of this two-part blog, we noted that in 2019 the overarching trend indicates a “back to basics” approach with an emphasis on the ultimate contact center goal of fostering meaningful connections with consumers. In Part 2, we will cover the “Effortless” and “Transformative” category trends. Effortless. Automate Workflows.

Contact Center 51

Contact Center Journey mapping Self service Cloud contact 51

ChurnZero

MAY 2, 2024

This year, the SaaS industry faces a unique set of trends: the acceleration of AI, heightened emphasis on efficiency, and the back and forth (and back again) of remote work dynamics, all set against the backdrop of a cautiously optimistic recovery. Takeaway 2: Increase your NRR to increase your growth rate faster.

SaaS 52

SaaS Benchmark B2B Surveys 52

VirtualPBX

OCTOBER 11, 2023

What’s more, future VoIP trends such as ChatGPT and 5G also show promising signs of further boosting productivity. Take into account reductions in the workforce required for phone system maintenance, troubleshooting, and administrative tasks. This means accounting for hardware, software licenses, installation, and training expenses.

voip 104

voip Accountability Customer retention Technology 104

SmartKarrot

OCTOBER 13, 2023

Retaining those customers for the long haul is equally, if not more, essential. A high customer retention rate is a testament to a company’s customer-centric approach, resulting in increased profits, positive word-of-mouth, and enhanced brand reputation. Trends emerge, technologies evolve, and customer needs change.

Customer retention 10

Customer retention Customer centricity Education Feedback 10

Totango

JULY 8, 2021

Many of the companies we talk to today all have the same challenge: they are sick and tired of firefighting their customer accounts. Firefighting happens when you don’t have visibility into what is going on in your customer portfolio so you are constantly putting out fires, especially around renewal time.

Upselling 65

Upselling Accountability Customer retention Metrics 65

Totango

JUNE 26, 2020

COVID-19’s effect on customer churn may have already begun, but there is still plenty you can do to increase customer engagement and retain the customers you have worked hard to win. Lean on Customer Data Segment Your Customers Be Proactive Communicators Be Flexible Revisit Goals and Success Points.

SaaS 91

SaaS Customer retention Best practices Telecommunications 91

CustomerSuccessBox

JUNE 7, 2021

Now, this method allows you to evaluate your subscription model to see whichever accounts are decreasing in usage that may be more likely to churn entirely in the future, and hence deserve immediate attention from your customer success team. MRR(Monthy Retention Rate) Churn. Logo Churn. Check out the – F.A.I.R

SaaS 52

SaaS Customer retention Accountability Upselling 52

Totango

JUNE 30, 2020

Communication during a crisis is about protecting your core asset, your customers. The digital transformation of business has shifted enterprise focus toward customer retention and the pursuit of long-term value. Challenges such as the ongoing COVID-19 pandemic only reinforce the importance of keeping the customers you have.

Best practices 126

Best practices Customer retention Metrics Enterprise 126

TeamSupport

MARCH 3, 2021

The largest drivers were new customers, higher user adoption of product features, and more proactive outreach by Support. Most customer support interactions today are reactive, but proactive support is on the rise. Research is a crucial part of customer retention that can help reduce turnover dramatically.

B2B 98

B2B Upselling Customer retention Customer Support 98

Netomi

SEPTEMBER 1, 2022

Handling the bulk of high-volume repeatable queries, such as those related to order status and account information, and escalating more complex requests to human agents, is an area where digital assistants shine. AI is in the CX trends forecast. Available 24/7 to get the job done.

Virtual Agent 105

Virtual Agent CRM Accountability Customer retention 105

TechSee

JUNE 16, 2022

Eric Esguerra, Vice President, Customer Service & Operations at Miele Canada Ltd. Eric’s favorite motto is “The Customer Experience is Paramount and must be the driving force to any organization.” His YouTube channel is a fantastic source of inspiration about customer experience and customer centricity in a digital world.

Customer Service 251

Customer Service Chief Customer Officer Contact Center Consulting 251