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Top 5 Customer Service & CX Articles for Week of January 29, 2024

ShepHyken

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.” Consider these results from companies in the top quartile of the CX index.

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Strategies to Increase Customer Retention: What Every Playbook Should Include

SmartKarrot

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. Educate and Empower: Empowered customers are loyal customers.

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Customer Experience Map Vs. Customer Journey Map: Diving Deep into the Intricacies

NobelBiz

Social media engagement for customer feedback. Loyalty program enrollment for customer retention. In today’s digital age, customers can engage with brands through a wide range of channels, including social media platforms , email , and more. What is a Customer Journey Map?

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Create a Strong Customer Engagement Strategy

Totango

For example, a customer that shows a steady addition of license seats over a relatively short time may be ready for an upsell or cross-sell. Similarly, an account that has recorded a sudden drop in usage could be in danger of churn, and should prompt a re-engagement initiative. This makes customer retention critical.

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4 Gold CX Metrics for CX Leaders

ClearAction

Right the First Time leads to Freed-up Resources, which reduces Customer Acquisition Costs, Customer Service Value costs, and Customer Retention costs (Customer Health Score), which lead to Margin Expansion. You rely on customers’ funding for your salaries, budgets, and profit-sharing.

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Customer Success for Service Companies

CSM Practice

For a service company, the operations could be focusing more on renewals and upsells, keeping the communication lines open and responsive, enlightening the client about new solutions you can offer, or checking up on dormant accounts that are likely to churn. 3) Workshops. 4) Customer Experience Evaluation.

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Busted: 5 Myths about Customer Retention Rate

SmartKarrot

Goes without saying, customer retention is an important aspect of the success of any organization. Research claims that 78% of the global business leaders rank customer retention rate as a crucial tool in the upliftment of any given business. This is when the game of customer retention strategies come into play.