40 Customer Retention Statistics You Need to Know

GetFeedback

Learn about the top two customer surveys for predicting and increasing customer retention. Anytime a customer cuts ties, you experience the negative impact of customer churn. Customer Retention by the Numbers. Institute of Customer Service ).

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

Why Engagement Strategies & Investment Are Important for Customer Retention

ProProfs Blog

A Forrester report highlights increasing customer retention by 5% can increase profits by up to 95%. Loyal customers spend about 30% more with brands than new customers. An investment to increase retention by 5% is surely a worthy business investment.

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

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. A good blog communicates to customers that you care about solving the problems in their industry.

10 Customer Retention Techniques Worth Your Time & Effort

aircall

Customer retention refers to how successfully a business manages to keep its paying customers. Customer retention means earning customers’ trust and repeated patronage. Why is customer retention so important? Customer retention and growth.

5 Tips for Improving Customer Retention

VocalCom

Emotions play a significant role in customer experience, as many statistics clearly show. According to research by the Peppers & Rogers Group, 60% of customers stop engaging with a company when salespeople treat them indifferently, while 70% of customers leave a brand due to poor service. While retention involves rectifying negative customer experiences, it’s equally important to keep customers happy in a proactive manner.

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?

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

Kayako

Especially when it comes to service businesses, both traditional and SaaS, because service solutions often need to be tailored to the individual customer. Calls and live chat increase customer retention and upsell opportunities. How does this apply to sales and marketing?

9 Timeless Sales Strategies to Generate Leads for All Business

Dialer 360

The sales industry emerges, inbound and outbound sales professional seek to reinvent themselves. Different timeless sales strategies persist. Precisely, for prospecting, nurturing leads and closing sales. A sale are about creating a mutually advantageous relationship.

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Customer Centric Sales & Service Policies

ClearAction

Customer Centric Sales & Service Policies Lynn Hunsaker. As we strive to win customers’ hearts and share-of-wallet, remember that kindness breeds gratitude , which builds customer enthusiasm for a brand. Are we truly grateful for our customers?

Optimum CX: Strike the right balance of AI and other new contact center solutions and investing in the human interaction

Robert Davis

Think about your last experience calling a customer care line. Today we read a lot about artificial intelligence (AI) and other new solutions in the contact center marketplace that providers claim will help improve the customer experience (CX). By Brad Baumunk , President and COO.

5 Ways Personalization Drives Sales Success

VocalCom

However, the human touch should not be underestimated: From customer service agents showing empathy to salespeople making recommendations in-store, personalization starts with an authentic human connection. Here are five ways personalization impacts customers’ purchasing habits and drives sales success. Offering personalized content motivates customers to spend more than they had anticipated. They become loyal customers.

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.”

Why Your Sales Team Needs to Be Trained in Customer Service

The Center for Client Retention

Sales and customer service are often thought of as separate entities and in a certain sense, they are. On the surface, sales personnel have the goal of maximizing the company revenue by selling more and gaining new customers. Customer retention becomes more controllable.

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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.”

3 Key Pillars of a Successful NPS Program with Salesforce

GetFeedback

It’s no secret it costs five times more to attract a new customer than to keep an existing one. This is because returning customers buy more over time so operating costs shrink; whereas finding new customers is laborious and expensive. Close with a custom thank you page.

Improving CX (and Other Desired Results): The Quality Conversation Imperative

Robert Davis

In today’s world, your customer experience (or CX) matters more than ever. Based on discovery (in a sales environment), does the agent present the right solution with a compelling offer and assumptive close? By Brad Baumunk , President and COO, Robert C. Davis and Associates.

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.

Amazing Business Radio: Brian Sprinkle

ShepHyken

Growing Customer Service Alongside Your Company. They discuss his company, Big Ass Fans , and their approach to providing high-quality customer service to support their industry-leading products. You can grow your business, in part, by creating repeat customers. Big Ass Fans.

The True Cost of Losing a Customer

BlueOcean

One negative customer experience may seem like a drop in the ocean of all your customer interactions, but it’s never that simple. But if that interaction also results in a negative experience, the customer support experience can become the straw that breaks the camel’s back.

Losing Customers Trust is the Worst Penalty VW Will Face

Beyond Philosophy

I find it beyond belief how large organizations can cheat and lie to their Customers. Because they lied to their Customers. The hope was the Clean Diesel would boost sales in the U.S., which accounts for only about 6% of global sales for the brand. VW is a HUGE brand, and they have just lied to customers. It is essential to building Customer loyalty. When will companies learn to stop lying to their Customers?

RCDA drives KPI achievement through call flow enhancement and agent and leadership development

Robert Davis

RCDA’s focus is client-dependent and ranges from improving acquisition rates, improving customer retention and improving VOC and NPS to upselling and cross-selling products and services. Sales per 100 improved from 4.49 Customer upgrades resulted in increases from 9.5%

4 Reasons Why Live Chat Drives Sales and Loyalty To Your Business

Kayako

If you take a look at Kayako’s website and blog, it’s obvious that we know live chat customer support is a big difference-maker for businesses large and small. But the biggest takeaway from our study isn’t a particular statistic—it’s that live chat (when done right) has the power to drive sales and boost customer loyalty. Customers Buy from Companies That Offer Live Chat. The bottom line is that customers want to buy from people who value their time and concern.

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

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. This led to longer calls and a poor customer experience. By Brad Baumunk , President and COO.

Key Learning from 15 Years of Net Promoter Stats

Beyond Philosophy

This poor Customer Experience is one reason I now use Netflix more than my cable company. For those of you that don’t know, Net Promoter Score (NPS) represents the likelihood a Customer would recommend your product or service to other people (i.e., It has become a standard metric used to determine if your Customer Service and Experience improvements are effective. So the question is, what can we learn about what works for Customer Experience by looking at trends in NPS?

10 Email Marketing Tricks to Re-Engage Your Customers

GetFeedback

After all, it’s easier to sell to an existing customer. Plus, increasing your retention rate by just 5% can boost sales by up to 25%. By the end, you’ll know how to get them excited about being connected with you so they eventually become customers.

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.

Decrease Customer Churn Rates for Good

GetFeedback

It’s not rocket science: the lower your customer churn rate, the higher your profit. But do you know how much customer retention is really worth? According to Harvard Business School, even just a 5% increase in customer retention can lead to a 25-95% increase in profits. And a study by Temkin Group concluded that loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.

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

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. This led to longer calls and a poor customer experience. By Brad Baumunk , President and COO.

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. Michael Lowenstein, Ph.D.,

Destroying Brand Experience, One at a Time

Beyond Philosophy

When the brand experience falls short of the promise, Customers feel disappointed, frustrated, and frankly, hacked off! Let’s take a look at my two experiences and see what we all can learn about fulfilling the brand promise for our Customers at the Customer Experience level. When we returned from the test drive, I asked our sales rep, how much the car cost. When a Customer asks you how much a product is, tell them.

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.

At A Fork In the Road: As a Customer Relationship Driver, Where Is Branch Banking Headed?

Beyond Philosophy

Are they technology centers, with increased reliance on self-service devices, speed, and with minimal customer interface? One industry consultant said that the new, high-tech branches are aimed at three customer personas: busy, gadget-centric millennials, Gen X soccer moms, and baby boomers who own small businesses. And, if the branch avatar isn’t functioning properly, sophisticated software will identify the issue and switch the customer to a live professional.

5 Reasons Your KPIs Are Hurting Your Customer Experience

Beyond Philosophy

Being Customer-Centric requires rewarding those that contribute to Customer-Centricity. Too many organizations are still not rewarding Customer Experience improvement because they don’t measure it. Despite understanding, many organizations still reward on operationally focused Key Performance Indicators (KPIs) like sales and productivity. Focusing on rewarding these, however, is not conducive to Customer Centricity. Why Most Customer Experience Programs Fail.

Webinar: How to Monetize a Net Promoter Program

Genroe

Customer feedback is often seen, at worst, as a compliance task and, at best, as a long-term way to increase sales and customer retention. Yes, the customer feedback process does drive long-term customer loyalty and lifts revenue but you can also use the data in a much […]. Customer Feedback Customer Retention Net Promoter Score Tools customer gauge monetize

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5 Top Customer Service Articles for the Week of October 8, 2018

ShepHyken

Each week I read a number of customer service and customer experience articles from various resources. 10 Examples Of Amazing Customer Service Departments For Customer Service Week by Blake Morgan. Customer Service Inspiration from my Bookshelf by Jeremy Watkin.

What Can We Learn from Restaurants and Casinos?

Beyond Philosophy

Knowing this percentage, how can you harness the incredible power of the Customers’ subconscious mind to create a positive experience? What these industries do to create a positive experience for their diners or players show us the importance of designing a deliberate subconscious experience for your customers, whomever they might be. Restaurants are adept at getting their customers to relax and enjoy their dinners. So what does this mean to my Customer Experience?