article thumbnail

Technology Based Solutions to Enhance Customer Retention Strategies

TechSee

It is well known that the acquisition costs of converting new customers far outweigh the cost of maintaining current customers, further motivating companies to find and implement innovative customer retention strategies. Technology – key to successful customer retention strategies.

article thumbnail

Customer retention is the new religion

Hello Customer

January typically is a month to forecast trends, and we believe customer retention will be an important one. But we see increasingly more organisations move their focus from aggressive acquisition investments to retention management. Customer retention or acquisition? On top, new customers often get more benefits.

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

Chatbots in Banking: The New Must-Have in Customer Care

Inbenta

Chatbots do not need to pose a risk to human agents, as their role is not to replace workers, but rather boost their productivity by allowing employees to focus on more complex tasks that require their knowledge and talent while reducing support costs and increasing customer retention rates. . Want to build your own banking chatbot?

Banking 95
article thumbnail

Validating Your Outsourced Customer Care Partnership: Is Your Incumbent “Still the One”?

BlueOcean

Total Value Returned Rate is a key metric that also has to be tied to customer retention. It doesn’t matter how much equipment your team is able to retrieve if they cost you the lifetime value of that customer in the process. This is what relevant service level metrics look like in today’s customer care center.

article thumbnail

Unraveling the Tangled Vines of Omnichannel Customer Care

BlueOcean

As long as there’s responsive feedback (more on this below) and eventual resolution, they’re happy no matter which channels they interact with. In fact, a NewVoiceMedia survey revealed that 43% of customers feel more connected to a brand when they are able to contact a company through any channel. Got 15 minutes?

article thumbnail

4 Customer Retention Strategies To Help Online Businesses Boost Loyalty

Kayako

What is customer retention? Simply put, customer retention refers to the strategies and tactics businesses use to encourage repeat purchases and ongoing loyalty from their existing customer base. That’s why customer retention is so vital for businesses of every stripe. Build a Customer Feedback Loop.

article thumbnail

The Power of Emotional Connection: Growing Your Business Through Strong Customer Experience

CCNG

By empathizing with your customers, you can better identify their pain points and develop solutions that address their concerns. Actively listening to customer feedback and observing their behavior can provide valuable insights into their emotional needs and help you tailor your products, services, and communication strategies accordingly.