Nicereply

JUNE 8, 2022

The best kind of customer is a repeat customer. Here’s a clue: getting a new customer is 6-7 times more expensive than keeping an existing one. This article will look more deeply into customer lifetime value and why marketers value it so highly. What Is Customer Lifetime Value?

Advertising 52

Advertising Customer retention SaaS Feedback 52

ProProfs Blog

MAY 24, 2019

You may have set the foundation of your eCommerce business on a riveting marketing strategy, a robust customer service team, and brand new ideas for products and services. Now you need to focus on delivering a good customer service experience that will prompt your visitors to keep coming back for future purchases.

Customer retention 151

Customer retention Surveys Feedback Telecommunications 151

Pointillist

DECEMBER 10, 2019

By Steve Offsey CX leaders use a myriad of metrics like Net Promoter Score ® (NPS ® ), Customer Satisfaction and Customer Effort Score. Not all companies measure and prioritize it, yet the importance of customer lifetime value (CLV) is staggering. Customer lifetime value is, in many respects, the ultimate KPI.

Analytics 111

Analytics Metrics Feedback Benchmark 111

ClientSuccess

MAY 10, 2022

When a new customer joins your book of business, there are some things that are known right out of the gate. The ‘sale’ of a new customer – aka the monetary amount of the contract – is often looked at as the be-all-end-all metric to determine the value of the customer. What is Customer Lifetime Value.

Upselling 59

Upselling Metrics Accountability Sales 59

ClientSuccess

MARCH 8, 2022

But as more and more SaaS organizations realize, the actual value of a new customer isn’t tied to that initial sales number at all but spread out across the customer’s entire lifecycle at an organization. Understanding customer lifetime value. Building a customer lifecycle strategy .

Upselling 75

Upselling SaaS Sales Metrics 75

ProProfs Blog

APRIL 15, 2019

Young startups obsessively focus always on increasing the number of customers. Get more customers, we need more sales, connect with more leads, these phrases tend to be the most commonly spoken phrases during team meetings. Customer Lifetime Value. But how exactly do you increase your customer lifetime value?

Surveys 106

Surveys Sales Best practices Customer retention 106

ShepHyken

JULY 7, 2017

This week we feature an article by Josh Brown who writes about why you should focus on relational customers, how you should go about doing it, and the data you can use to enhance your initiatives and be sure your efforts are paying off. It’s important to know the value of a customer. Shep Hyken.

Surveys 59

Surveys Personalization Sales Marketing 59

ShepHyken

OCTOBER 4, 2019

This week we feature an article by Dwayne Charrington who writes about how to engage your customers in personalized, meaningful, and relevant ways. Customers, employees, lead generation, or profit. Well, the best answer is customer engagement. No business can survive without engaging its customers.

Benchmark 299

Benchmark Feedback Customer retention Consulting 299

ProProfs Blog

JULY 5, 2019

All of these eCommerce strategies work toward the same goal: getting customers to buy more on each visit, increasing the average order value. But what about increasing the lifetime value of your customers? Average Order Value: A Short Term Fix for Revenue. Average Order Value: A Short Term Fix for Revenue.

Metrics 60

Metrics Upselling Advertising Sales 60

ShepHyken

OCTOBER 5, 2018

New Direct-to-Consumer companies are flourishing by focusing on building strong relationships with their customers that they own directly, bolstered by better experiences. Amazon customers are spoiled by choice, but they are also overwhelmed by it. Eliminate Choice. Succeed With Experience.

industry standards 207

industry standards Personalization Engineering Consulting 207

Brad Cleveland Blog

JULY 29, 2021

Quantifying customer lifetime value, or CLV, provides powerful insight into the impact of customer experience initiatives. Put simply, CLV measures how valuable a customer is to your organization over time, rather than just one purchase.

Customer Experience 32

Customer Experience Contact Center Call Center Customer Service 32

Brad Cleveland Blog

JULY 29, 2021

Quantifying customer lifetime value, or CLV, provides powerful insight into the impact of customer experience initiatives. Put simply, CLV measures how valuable a customer is to your organization over time, rather than just one purchase.

Customer Experience 26

Customer Experience Contact Center Call Center Customer Service 26

Totango

MARCH 19, 2019

If your customers aren’t using your product, then they’re not really your customers. They may have subscribed, but if they’re not actively engaging with the product, they’ll never see the value of their investment. Get the adoption phase right and you’ve created a recurring customer. How to Calculate Adoption Rate.

Metrics 54

Metrics Government Accountability Education 54

Vonage

MARCH 29, 2016

It said that four in 10 senior executives in large companies don’t know the lifetime value of their customers. If these leaders don’t know their customers’ value, how can they expect their employees to understand it? Let’s just say an average customer will spend $100 a week. There is so much wrong with this.

Coaching 69

Coaching Customer Service Sales Customer Experience 69

ClientSuccess

FEBRUARY 13, 2019

Growing customer accounts and increasing customer lifetime value (CLV) is one of the biggest challenges customer success managers (CSMs) face in today’s subscription economy. With such a huge responsibility on their shoulders, CSMs need to be prepared to approach customer accounts with this growth-focused mindset.

Upselling 54

Upselling Accountability Customer centricity SaaS 54

CallSource Insights

MARCH 5, 2019

Learning the Customer Lifetime Value (CLV) formula will help marketers predict the future net profit of every customer in a contractual business and take action to improve the value of high-value customers across the business. Now good luck! Just kidding. Get it here!

Customer centricity 66

Customer centricity CRM Finance Marketing 66

ShepHyken

FEBRUARY 23, 2018

This week we feature an article by Nathalie Herrman who writes about three key principles that are at the root of all great customer service. She also reminds us that the customer experience begins with the employee experience. – Shep Hyken. Otherwise, we lack integrity, employees lose interest, and customer service suffers.

Scripts 230

Scripts Employee engagement Customer Service Customer Experience 230

Customers That Stick

FEBRUARY 18, 2020

Employee empowerment is one of the most underrated tools in the customer experience leaders toolbox. Employee empowerment is what I call the win-win-win of customer experience leadership. By empowering employees to solve customer issues in real time, customers win, employees win and the organization wins.

Management 88

Management Customer centricity Customer Service Customer Experience 88

ShepHyken

SEPTEMBER 4, 2023

Each week, I read many customer service and customer experience articles from various resources. Elevating Customer Experience: Embracing Hospitality as the Foundation by Charles Ryan Minton (Newsweek) When it comes to providing exceptional customer experiences, few industries excel quite like the hotel business.

Customer Service 167

Customer Service Customer retention SaaS Best practices 167

Beyond Philosophy

AUGUST 15, 2019

This oft-quoted line from Peter Drucker is more pertinent today than ever concerning Customer Experience strategy. Every marketer should measure their performance in Customer Experience to understand what drives value for customers. . We discussed measuring Customer Experience correctly in a recent podcast.

Metrics 312

Metrics Finance Surveys Consulting 312

ShepHyken

JANUARY 6, 2017

This week on our Friends on Friday guest blog post my colleague, Vince Jeffs, examines the hot topic of artificial intelligence (AI) and it’s impact on the customer experience. But the reality is we receive paychecks because our employers expect us to deliver commercial value. Shep Hyken.

Customer Experience 215

Customer Experience Telecommunications Technology Banking 215

Beyond Philosophy

APRIL 14, 2022

I read a fascinating report the other day from Zendesk called The Customer Experience (CX) Trends Report 2022. I saw a dichotomy between what people are saying and what they are doing regarding Customer Experiences (CX). 64% of business leaders say that customer service has a positive impact on the company’s growth .

Contact Center 195

Contact Center Upselling Engineering Education 195

ShepHyken

JANUARY 27, 2017

This week on our Friends on Friday guest blog post my colleague, Shital Shah, writes about how with the right combination of technology and human touch, customer service doesn’t have to be difficult. She shares four excellent solutions to help manage your customer service more effectively. Shep Hyken. It’s a must-have.

Technology 229

Technology Customer Service Management CRM 229

ShepHyken

MAY 18, 2018

This week we feature an article by Gary Anderson who explains why the customer experience creates customer loyalty and generates repeat business. – Shep Hyken. The customer experience you provide will set you apart from the competition. With the rise of eCommerce, customers have more choices than ever before.

Advertising 198

Advertising Surveys Feedback Sales 198

Totango

FEBRUARY 23, 2024

Apple and IBM Peanut butter and jelly Martha Stewart and Snoop Dogg Marketing and Customer Success They are all unexpected — yet incredibly successful — partnerships. On the other hand, the CCO focuses on what happens after the sale, overseeing onboarding, customer support, driving retention, and minimizing churn.

Chief Customer Officer 91

Chief Customer Officer Customer centricity Metrics CRM 91

Fonolo

JANUARY 14, 2020

Which customer service blog posts helped to shape the last decade for you? . When we look back at the customer support industry in 2010, we see a very different beast to the one we work in today. Here, we cover the 20 best customer service blogs and influencers to follow in 2020. Shep Hyken.

Customer Service 136

Customer Service Chief Customer Officer Contact Center Call Center 136

Mindtouch

FEBRUARY 6, 2020

A recent case study from Search Engine Land got us thinking about the tie between content and customer lifetime value (CLV). Assuming there was some correlation, however, we think there’s an even more important conclusion here: Informational content matters , even for customers with commercial intent. Why is that?

Self service 21

Self service Engineering Sales Customer effort 21

Beyond Philosophy

AUGUST 25, 2022

Providing proactive experiences is part of the future I see for Customer Experience , a side effect of Customer Science. For those who read this newsletter, you know that Customer Science is where we have a convergence of artificial intelligence (AI), data, and behavioral sciences. Triant says that it makes customers happier.

Cloud contact 369

Cloud contact Contact Center Construction Consulting 369

Beyond Philosophy

MARCH 2, 2020

We have all been in line or on hold for customer service , waiting for a company to get back to us. Then, when our wait time runs long and our patience runs short we get cranky and think, this customer service crew is really inept today. Last February, the Harvard Business Review (HBR) published, “ Why is Customer Service so Bad?

Customer Service 470

Customer Service Consulting Consulting Wait times 470

ShepHyken

OCTOBER 21, 2022

She’s also a web design consultant focusing on customer experience and user interface. She shares how customer experience is a valuable marketing strategy. If your business follows marketing best practices, you’re probably already implementing user research, collecting customer data, and targeting customers with personalized messaging.

Marketing 179

Marketing Customer Experience Customer centricity Consulting 179

CX Accelerator

OCTOBER 26, 2019

Clearly, I had what Rachelle Dever , a thought leader in customer experience, calls “emotional affinity” with basketball. I recently attended a seminar where Dever explained that customers who have emotional affinity with a product or brand consider that product or brand essential to their daily lives. Back to CX Accelerator Blog.

Customer Service 182

Customer Service Consulting Consulting Metrics 182

CX Accelerator

OCTOBER 26, 2019

Clearly, I had what Rachelle Dever , a thought leader in customer experience, calls “emotional affinity” with basketball. I recently attended a seminar where Dever explained that customers who have emotional affinity with a product or brand consider that product or brand essential to their daily lives. Back to CX Accelerator Blog.

Customer Service 182

Customer Service Consulting Consulting Metrics 182

Totango

JANUARY 22, 2024

We polled our Customer Advisory Board (CAB) at the end of last year to gauge which way they saw the pendulum shifting for CS in 2024. At the intersection of product, customer, and business insights, CS is uniquely positioned to steer businesses through these changing environments. Most expect to see CS emerging as a growth engine.

Enterprise 94

Enterprise SaaS Engineering Technical Support 94

Beyond Philosophy

NOVEMBER 9, 2023

So, when I share some statistics I read regarding customer satisfaction and leveraging behavioral economics, some of which I felt very glass-half-empty about, I hope a few of you, with your half-glass-full dispositions, will help me see the bright side. It is a shame because behavioral economics is about understanding your customers better.

Customer retention 195

Customer retention Sales Consulting Consulting 195

Beyond Philosophy

NOVEMBER 11, 2021

Lately, my Customer Experiences have been lousy. At the beginning of the pandemic, I was more understanding when Customer Experiences weren’t great. The 5 Rules for improving the customer complaint process are: Read between the lines. Embrace customer complaints. Empathize with the customer. Be fast, stupid.

Consulting 383

Consulting Consulting Call Center Metrics 383

CX Accelerator

OCTOBER 26, 2019

Clearly, I had what Rachelle Dever , a thought leader in customer experience, calls “emotional affinity” with basketball. I recently attended a seminar where Dever explained that customers who have emotional affinity with a product or brand consider that product or brand essential to their daily lives. Back to CX Accelerator Blog

Customer Service 140

Customer Service Consulting Consulting Metrics 140

CX Accelerator

OCTOBER 28, 2020

I know this isn’t the original intent of the song, but to me, this points to the importance of listening to our customers — especially those things that frustrate and aggravate — and then learning from those mistakes. We don’t necessarily try to fix the customer but we definitely try to fix the problem for the long term.

Customer centricity 281

Customer centricity Personalization Customer Experience 281