The Fundamentals of Customer Retention

Ameyo

No, its not Sales anymore or Marketing, it is how to retain customer loyalty. With most companies investing thousands of dollars to acquire a customer, customer retention has become a crucial task for many. Customer Service customer experience customer retention

30 Customer Retention Strategies Used by Top Companies

Nextiva

Most business owners know that retaining customers is valuable, but just how valuable is it? Econsultancy reported that winning a new customer costs a company five times more than retaining an existing one. Despite this, they found that most companies focus more on customer acquisition than customer retention strategies — 28 percent more. Customer Experience Customer Service customer experience customer retention customer service

12 Customer Retention Strategies That Work

kommunicate

It’s becoming more competitive than ever for a business to grow in this market and achieve their goals. Most important goals of any business are: Generate more leads Get more customers Increase the profit […]. Customer SupportStartups have taken the world by storm.

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. Too many businesses, however, don’t invest in customer retention.

The Secret to Customer Retention

CX Journey

Want to know the secret to customer retention? Probably not so different from what keeps your customers coming back, too. I don''t think I''m going out on a limb here to say: "Customer retention is paramount to acquisition!" focusing on customer retention.

15 Customer Retention Strategies for Long-Term Customer Loyalty

Comm100

Your customer retention is super important to your bottom line—after all, customer loyalty is well-known for being more valuable than customer acquisition. Relationship Marketing Strategies. Give customers one-on-one attention.

Do You Harness the Power of Habit in Your Marketing Yet?

Beyond Philosophy

This statement from the psychologists Townsend and Bever captures one of the great truisms of human behaviour – and one of the great challenges for marketers. Habits and Marketing. The statisticians know, however, and marketers want to know what they know.

3 Ways to Boost Your Customer Retention Rate With Service

Win the Customer

Gartner research shows that by 2018, 70 percent of business-to-business ecommerce sites will offer customers personalized features, and sites effectively using personalization will outsell competitors by 30 percent. Improve Your Customer Experience. Track Customer Satisfaction.

7 Ways Phone Calls and Live Chat Improve Customer Retention and Revenue

Kayako

My good friend runs a content marketing company. She decided that she also wanted to offer email marketing services, and so she built a landing page and set up LinkedIn Ad, hoping to gain some inbound leads. She sold the email marketing service to 80% of her current clients via phone.

‘Top 50 Marketing Thought Leader’ Reveals Latest Trend

Beyond Philosophy

Wouldn’t it be great if you could truly predict Customer’s behavior. I have recently been included in Brand Quarterly’s ‘Top 50 Marketing Thought Leaders over 50’ and they asked me an interesting question: “What do I think the next industry trends would be for the year?” For those of you that do not know about this, behavioral economics embraces the fact that often Customers make irrational decisions and as a consequence this affects what they buy.

Want to Improve Customer Retention? Start With Cleaner Data

aircall

We now have access to an unprecedented amount of customer information, but all too often this resource sits in our databases gathering digital dust. It can be a powerful driver of customer retention when applied correctly. Mindfully Collect Customer Data. The way to a customer’s heart is through personalized service. Those first few steps of the customer journey offer vital clues on the best way to proceed. . The post Want to Improve Customer Retention?

Is Home Delivery the Right Marketing Strategy?

Beyond Philosophy

Same Day Home Delivery is the latest trend in mega online retailers to improve their reach to Customers. Often seen as a drawback for online retailers, delivery times are a critical marketing area of opportunity for companies whose business model shuns the brick and mortar business model.

5 Facts to End the ROI Debate on Customer Experience

Beyond Philosophy

For many years, there has been a debate whether you could assign a dollar amount to determine the return on investment for any Customer Experience improvements. Customer Satisfaction results in a higher share price. Keeping Customers results in a high increase in value.

Are You Deliberate with Your Customer Strategy or Just Taking a Chance?

Beyond Philosophy

Customer centricity requires strategy to cultivate a culture that puts the Customer at the center of everything you do. As the third in our series of nine posts looking at the different parts of the organization contributing to Customer centricity, let’s look at: Customer Strategy.

5 Reasons Your Marketing Needs Human Evaluation

360Connext

Jeannie Walters , speaker, writer and CEO of 360Connext, recently visited us at Hallmark and we had the opportunity to discuss the intricate weaving of the disciplines between marketing and customer experience. So how do you make your marketing more effective?

Why Most Customer Experience Programs Fail

Beyond Philosophy

We work with Customer Experience (CX) professionals around the world and train them on how to go about implementing CX programs. The main reason that an organization fails to improve their CX is because of their lack of Customer Centricity.

How to Get People to Do What You Want

Beyond Philosophy

As a leader or a marketer if you want an employee or a customer to change behavior, research says the best thing to do is give them positive reinforcement when they do what you want. Your Customers have behaviors that cost your organization money.

Customer Experience + Marketing: Pro’s & Con’s

ClearAction

Customer Experience + Marketing: Pro’s & Con’s Lynn Hunsaker. What happens when the Chief Marketing Officer doubles as Chief Customer Experience Officer? How Marketers Think of Customer Experience. How Customers Think of Customer Experience.

Why Gut Decisions Are Sometimes Wrong

Beyond Philosophy

This fact is why dealing with Customers is so difficult. Most organizations make the mistake thinking Customers are rational beings and only make decisions logically. There is a certain romantic notion that we sometimes just know things in our gut. We equate this to wisdom or expertise.

eBay & PayPal’s Split is Good for Customers

Beyond Philosophy

Also, our clients Barclaycard have been in this market for years with Barclays Pingit App. By spinning off into their own entity, they can become a more prestigious brand in a new dynamic market. They have Customer-centric leadership.

How to Make or Break Your Customer Experience

Beyond Philosophy

All the little parts along the way in your experience are what make a Customer experience Customer-Centric. Putting the Customer first in everything you do applies to every part of your organization, from the way you greet them to the way you bill them.

Is ‘Being Human’ With Customers A New Concept? And, Does It Create Emotional, Experiential, Social and Financial Value?

Beyond Philosophy

More than just a buzzword, ‘being human’, especially in brand-building and leveraging customer relationships, has become a buzz-phrase or buzz-concept. The ‘human’ factor, in marketing, communications, positioning, and experience creation through sales, service, and operations now pervades titles of articles, blogs, white papers, and even books. To understand customers, the effective enterprise needs to think in human, emotional terms. In his 2010 book, Marketing 3.0:

3 Ways to Tell if Your Customer Relationship is All About You

Beyond Philosophy

There are some signs that your Customer relationship is all about you, or one-sided, and they are easier to spot than you think. Many of the things that make personal relationships fail make your relationship with Customers one-sided. To that end, here are three ways you can identify how you are making your relationship with Customers one-sided: #1: You don’t take no for an answer. Of course, Customers can’t always feel like they lose either.

5 Ways to Make Marketing More Strategic

ClearAction

5 Ways to Make Marketing More Strategic. As Marketing departments are taking a bigger role in customer experience management, a more holistic perspective will allow your company rise to the top of the field. Here are 5 ways Marketing can increase strategic impact.

Customer Experience + Marketing: Pro’s & Con’s

ClearAction

Customer Experience + Marketing: Pro’s & Con’s. What happens when the Chief Marketing Officer doubles as Chief Customer Experience Officer? How Executives Think of Customer Experience. How Marketers Think of Customer Experience.

4 Ways to Gain Customers’ Trust in Data Security

Beyond Philosophy

In other words, Customers will share data even though they don’t believe it is protected enough to get a better value from an organization. Trust and the Customer Experience. Emotions are an important part of any customer experience. Listen to your customers and engage with them.

The key to an effective marketing spend is alignment with the contact center, and the proper focus on the floor: The Quality Conversation

Robert Davis

How much money does your company spend marketing products and services, which generates calls into your contact center? We recently worked with a company that increased the monthly spend to drive potential customers to the contact center from $100K to $400K per month.

Contact center insights: Realize the value of teaching your people how to fish

Robert Davis

By Brad Baumunk , President and COO, Robert C. Davis and Associates. We have all heard the quote, “Give someone a fish, and you feed them for a day. Teach someone to fish, and you feed them for a lifetime.”

Five Proven Ways to Increase Your ROI, By the #1 Attraction on Trip Advisor

Beyond Philosophy

Downie would tell you that it wasn’t his goal to be #1 on Trip Advisor, but instead to be the best experience for their Customers that they could. At the time they began their Customer Experience improvement process, the concept was relatively new and largely untested.

Taking Customers Beyond the Honeymoon Phase

bold360 Blog

Comparing customer acquisition to dating isn’t a huge leap – you bring someone in with attractive offers and witty repertoire, but are you thinking about how you keep them? Are you putting in the same level of effort after prospects become customers? It’s at the point of conversion that most companies turn their focus to their next objective: landing another customer. Because of the high level of service you are providing, your prospects become customers.

The Evolving Chief Customer Officer: Identifying Value, Authority, Scope, Responsibilities, and Strategic Direction Within the Enterprise

Beyond Philosophy

In the past decade, we’ve seen the number of companies with an individual in the role of Chief Customer Officer (CCO) – nicely defined by Wikipedia as “the executive responsible for the total relationship with an organization’s customers” – grow from under 100 to thousands today. They are; Customer Experience and Value Optimization. Customer Insight, Data and Action Generation. Customer-related decision making is now knowledge-based, replacing intuition and guesswork.

Building Loyalty Doesn’t Need a Card

Beyond Philosophy

Keeping Customers is cheaper than getting new ones. Customer loyalty and retention are goals for most organizations as a result. So now what do we do to build Customer Loyalty? Loyalty Programs Disappoint Customers. This loyalty program disappointment is further compounded by the effect that most Customers expect their loyalty rewards. To avoid this situation, organizations need to consider their target Customer’s wants and needs.

The key to an effective marketing spend is alignment with the contact center, and the proper focus on the floor: The Quality Conversation

Robert C. Davis and Associates

How much money does your company spend marketing products and services, which generates calls into your contact center? We recently worked with a company that increased the monthly spend to drive potential customers to the contact center from $100K to $400K per month.

Contact center insights: Realize the value of teaching your people how to fish

Robert C. Davis and Associates

By Brad Baumunk , President and COO, Robert C. Davis and Associates. We have all heard the quote, “Give someone a fish, and you feed them for a day. Teach someone to fish, and you feed them for a lifetime.”

Where Is Gamification Going? Some ‘New Rules’; Or, Stated Another Way….

Beyond Philosophy

just how jaded and seeking for social interaction have customers become, in their relationships with vendors and their loyalty and engagement programs, that experiences need to always be fun and inclusive? In studies of loyalty program participation, high percentages of customers have said they would spend more with vendors that offer points for activities other than making purchases. This trend works well for building more strategic, bonded relationships with customers.

When B2B and B2C Key Performance Metrics Flatline….

Beyond Philosophy

The company needs to understand the benefits, and overall perceived value, customers seek in the entertainment experience. As basic customer experience processes were improved, the metric flatlined, offering no opportunity for further enhancement or competitive advantage. A new, more real world research protocol focusing on bonding behavior offered this company a means to understand the relationship between customer attitudes and behaviors, and business outcomes.

B2C 218

Why Amazon Will Swallow Almost Everyone

Customers That Stick

Customer Service Blog Amazon Prime customer experience customer retention membership model retail shopping Thrive MarketWe've Moved! Update your Reader Now.

The Role of CX in a Sales Culture

Beyond Philosophy

Quality sales cultures are the ones where the Customer comes before the close, like Mackay’s quote indicates here. I wrote about Key Performance Indicators (KPI) and their role in the Customer Experience. They balance the needs of the Customers and the needs of their organization.

Sales 410

eBay & PayPal’s Split is Good for Customers

Beyond Philosophy

Also, our clients Barclaycard have been in this market for years with Barclays Pingit App. By spinning off into their own entity, they can become a more prestigious brand in a new dynamic market. Coming out from under eBay’s shadow will let them blossom, into what I hope will become a Customer-centric organization. They have Customer-centric leadership. It’s great that their new CEO, Dan Shulman is coming from American Express, a highly Customer-centric company.

eBay & PayPal’s Split is Good for Customers

Beyond Philosophy

Also, our clients Barclaycard have been in this market for years with Barclays Pingit App. By spinning off into their own entity, they can become a more prestigious brand in a new dynamic market. Coming out from under eBay’s shadow will let them blossom, into what I hope will become a Customer-centric organization. They have Customer-centric leadership. It’s great that their new CEO, Dan Shulman is coming from American Express, a highly Customer-centric company.