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The Psychology Behind Customer Retention and Loyalty

Experience Investigators by 360Connext

If a customer tries a new brand that fails to deliver on their needs—especially during the earliest interactions—they have little reason to support it. And this is about more than just customer service. That’s why the most successful companies prioritize customer retention and loyalty alongside acquisition.

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Customer retention rates depend on understanding these 3 personas

TechSee

Customer churn is a growing problem across many industries and managing it has become critically important to the maintaining profitability. Research indicates that the cost of acquiring a new customer can be as much as five to seven times higher than keeping an existing one. trillion per year.

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9 Strategies to Improve Customer Retention Rate in 2023

SurveySensum

This strategic move resulted in doubling their business, showcasing the power of leveraging customer retention to drive growth. Well, acquiring new customers can costs you five times more than keeping the ones you have. So, customer retention is indeed crucial. What is the Customer Retention Rate?

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How AI Customer Experience Can Advance Your Business Strategy

InMoment XI

Customer retention rates and customer service can be improved by using AI to actively listen for qualitative feedback and elicit more valuable responses. This personalization not only enhances customer satisfaction but also drives sales and fosters brand loyalty.

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Customer Empathy – ignore it at your peril!

ijgolding

I must point out that I do not know Brian, but feel that the story is so compelling, that many should read it to understand the consequences of failing to be empathetic towards customers. These words were posted on Irish airline Aer Lingus’s Facebook page on the 17th September (2 days ago): It unfortunately has had to come to this.

Airlines 211
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5 Top Customer Service Articles For the Week of April 17, 2017

ShepHyken

My Comment: There is a difference between a customer loyalty program and a customer retention program. A repeat customer may not be a loyal customer. The goal of saving a defecting customer isn’t about making them loyal. United Airlines and the Dollars and Cents of Customer Experience by Augie Ray.

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The Evolving Landscape: New Trends in Customer Service Strategies

CSM Magazine

The significance of efficient customer service strategies cannot be overstated. Such strategies are crucial as they guide a business on how to consistently deliver exceptional service, leading to customer retention, increased sales, and a strong, reputable brand image.