Tags: customer-retention*

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  1. A customer is one of the most important aspects of a business. If a business is able to delight customers by providing excellent customer service, then it will boost customer retention and business growth.

    According to the report, “A Survey of Customer Service from Mid-Size Companies” by Dimensional Research, 52 percent of customers who have experienced positive customer service said that they purchased more from the company.
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  2. How do you know your customers are really satisfied and have achieved their desired outcomes while using your product or service? How do you understand your customer churn rate and avoid losing your customers before they actually walk away? With customer success software, you can do exactly all those things and so much more. That’s why customer success teams, account managers, and sales executives often rely on customer success software to achieve amazing results.
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  3. As creatures of habit, established customers will come back to your business unless you give them a reason not to. 92% of consumers will stay loyal and increase their business with a company when their queries are handled quickly and effectively. However, bad communication and poor customer experience is overwhelmingly (81%) the cause of clients taking their business elsewhere. With over 60% of companies citing customer experience (CX) as the best tactic for increasing customer lifetime value and loyalty, seamless communication is the key to addressing clients’ needs.
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  4. No matter how specific your brand’s niche, every single one of your customers is an individual – and they deserve to be treated as such. That’s where customer segmentation comes in to play.

    However, it can be difficult (if not near-impossible) for even a small- to medium-sized company to cater to every customer on an individual level.

    But, through customer segmentation, you can come pretty darn close
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  5. You’ve implemented tactics to grow your business and increase the sales of your products and services. But that is only one side of the coin. The other side is customer retention.

    After you’ve come up with a new product and identified your target audience, you are all set to start the business. But it is equally important to invest in resources to retain your existing customers. That is why you need to have a dedicated customer success team whose main job is to convince customers to stay.
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  6. Customer churn in the age of information is a fact of life for every business in every industry. Customers have unprecedented access to data, enabling easy comparisons of alternatives, as well as hassle-free provider changes with a simple click of a button. With Accenture reporting that 77% of consumers are no longer loyal to any particular brand, companies must work harder than ever to retain their customer base. 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-based customer retention solutions provide powerful platforms and fresh approaches, and most importantly, practical frameworks and processes to successfully engage with customers at scale. They have been proven to consistently decrease churn and improve a business’ bottom line.
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  7. Customer retention is valuable and essential, but you have to know how to do it correctly, and you have to be dedicated to building loyalty. It’s much less expensive to maintain a current customer as opposed to acquiring a new one, yet boosting loyalty isn’t a top priority for a lot of businesses.

    The average business loses around 20 percent of its customers each year, just because they don’t emphasize building relationships. So what can you do to change this trend in your own organization?
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  8. Are you struggling with customer retention? Maybe looking for a way to improve customer loyalty?

    Establishing a good relationship with customers can be difficult, especially for car dealers, when generalizations and stereotypes tell customers to be leery of anything you say.

    Here are 10 ways you can reverse these stereotypes and strengthen your relationship with customers.
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  9. “Voice of the Customer (VoC) programs have become a strategic asset for most forward-thinking and customer-centric CEOs, CMOs and customer experience leaders,” says Chuck Schaeffer, Go to Market Leader at IBM. “VoC benefits include faster customer resolutions (with fewer hops and escalations) and improvements in customer experience (CX) as evidenced with such metrics as Net Promoter Score (NPS) and customer loyalty. Financial benefits include increases in customer spend, customer share and customer retention.”
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