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Customer retention: 35 data-backed approaches

Customer Bliss

I talk often about customer experience , but recently I’ve heard from some followers that they’d like a bit more on customer retention. The first thing to understand about customer retention is that obviously it comes straight from customer experience. In short, if the customer experience is good, the customer retention is there.

Customer retention strategy: Is it too late?

Customer Bliss

One concept I get asked about a lot is customer retention strategy. Business tends to grow as a result of two factors: Your customer acquisition strategy. Your customer retention strategy. If you’re not acquiring and then retaining customers constantly, your business probably doesn’t have many years left. Five steps for regaining customer trust.

The Secret to Customer Retention

CX Journey

Want to know the secret to customer retention? I do sometimes find inspiration to write about both customer and employee experiences in the strangest ways, but that story got me thinking about this blog post that I needed to write about customer retention and how to keep customers coming back. think it should be customer acquisition, and 26.6% Ready?

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. With stakes this high, it’s essential that you build a solid customer retention plan that can lead to long-term customer loyalty. Give customers one-on-one attention. eBooks.

Customer Retention Strategies: How to Keep Your Customers

LiveChat

Have you ever considered that the work, resources and manpower you put toward acquiring new customers could be better spent on keeping your current customers through customer retention? What is customer retention. The idea of customer retention is what will get you to completely new revenue levels. Why is customer retention so important.

Should companies focus on customer acquisition or customer retention?

Arie Goldshlager

The choice between customer acquisition and retention is a false choice. I recommend instead employing a diversified and balance customer lifecycle management approach with customer acquisition, onboarding, development and retention elements. Customer Acquisition, Development and Retention are very connected and have many downstream and upstream implications.

Can proactive customer retention efforts backfire?

Arie Goldshlager

I found this note on “When It Comes To Retaining Your Customers, Sometimes It’s Best To Leave Them Alone” very thought-provoking. Please note particularly: The research involved 65,000 customers of a South American wireless communications firm. As a result, only 6% of the customers who were not offered a plan suggestion left the supplier within the first three months after the program was launched. Deferring proactive customer retention to the end of the lifecycle could often produce the surprisingly negative results that both studies are observing.

Six customer retention strategies that will grow your business

nanorep

For the marketers – 66 percent of them – the programs were seen as a good way for customers to show loyalty to the brand. Seventy-three percent of the consumers, however, flipped the perception, looking at the programs as a great way for companies to show loyalty to customers. The study , reported in the Harvard Business Review, says a lot about how customer retention strategies can go awry when customer-centric principles get turned inside out. How to retain these customers? Provide exceptional customer experiences. Far from it.

8 Reasons why customer retention is more important than acquisition

Andrew Mcfarland

Guest Post Feedback Loyalty Profit Reputation Retention WOM(Guest post written by Mark Johnson, a marketing consultant with a degree in business and a passion for helping companies achieve their ambitions.) It’s easy to forget with everyone talking about targets, niche markets and ‘wow’ factor, the one thing essential.

24 Experts Reveal Their Top Customer Retention Strategies For B2C Brands

Storyminers

There always seems to be a new product, service, or experience within reach of a brand’s current customer. And as we all know, replacing an existing customer costs 7 times more than retaining them. So how do you ensure your brand is retaining its precious customer base? We decided to ask experts one question: What is your most effective customer retention strategy for B2C brands? . VP of Customer Experience, Compellon. The most effective customer retention strategy is to focus, well, on retention. Stop trying to “satisfy” customers.

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Customer Retention – Let’s start at the very beginning

Ian Williams

The customer experience ‘movement’ began in earnest around 15 years ago, with the first books on the subject being published shortly after the turn of the millennium. This is not to say that many of the various aspects of business associated with customer experience, such as loyalty and retention, were not already being practiced. This raises questions as to why marketing did not naturally evolve into what customer experience is today. Customer Retention – Let’s start at the very beginning. Something was afoot.

The Secrets of Customer Retention & Communication in E-Commerce

Amity

Providing an excellent customer experience is one of the most important ways to improve retention and profitability in any business. A smart Customer Success strategy should always be set as a priority for any business in today’s market. Today’s customers are clever, connected, and terribly disloyal. Communicate With Customers on Live Chat Services.

The Critical Role of Customer Support in Customer Retention and Customer Relationships

Win the Customer

Competing to win customers today means not only keeping up with major brands in your industry but also staying ahead of new emerging service providers. Customer Experience Customer Service

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. Seventy percent of companies agree that retaining customers is cheaper than acquiring new ones, an Econsultancy report on cross-channel marketing found.

What makes the the worlds #1 Customer Experience brands?

ijgolding

As I quite literally travel the world talking, listening and working with individuals and organisations who have an interest in Customer Experience, I am regularly asked who the world’s ‘best’ Customer Experience brands are. Customer retention and loyalty CX Professionals CX Strategy # 1 Customer Experience Brands air new zealand Amazon apple bmw boden corporate attitude customer experience Disney First Direct John Lewis mercedes Starbucks ‘Who is good at CX?’ ’ is a pretty typical question.

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4 Companies Using Social Media Customer Service Effectively for Customer Retention and Loyalty

Win the Customer

Social media may never become a traditional contact channel, but it''s still an effective tool for social engagement in customer service. Communication Customer Experience Customer Service Social Technology

A ‘Fresh’ Look At Customer Retention and Loyalty (Part I)

Maz Iqbal

Especially so when we get to customer-centricity, customer experience, customer loyalty… Whilst some folks can tell that Trump is talking nonsense, in the … Continue reading "A ‘Fresh’ Look At Customer Retention and Loyalty (Part I)". Customer Loyalty Uncategorized customer loyalty customer retention employee loyalty loyalty centred business strategic approach to loyaltyIt isn’t just Donald Trump that mixes tidbits of fact with much fiction to appeal to those eager to believe.

What Is Customer Churn Rate and How You Can Reduce It Fast

Comm100

Is your customer churn rate burning a hole in your retention plan? When it comes down to it, most companies are losing far too many customers. Reichheld in the Harvard Business Review, the average company loses about half its customers in a fiver-year period. Can you imagine how much revenue you lose when 50% of your customers walk out the door? Conclusion.

5 Ways to Engage and Understand At-Risk Customers

360Connext

Most organizations used to lump customers into 2 simple categories: New customers and “the rest of them.” New customer acquisition is often used to gauge success – the more we gain, the better we’re doing! The post 5 Ways to Engage and Understand At-Risk Customers appeared first on Customer Experience Consulting. And what about “the rest of them?”

How NOT to ask for customer feedback: a shocking example from Sky TV

ijgolding

Having been involved in the world of Customer Experience for many years, nothing should really surprise me – I have very much witnessed the good, the bad and the ugly of business behaviour. Two days ago, my wife was asked to participate in a Sky customer feedback survey. There are no other words to describe one of the most appalling customer communications I have EVER seen.

A ‘Fresh’ Look at Customer Retention and Loyalty (Part II)

Maz Iqbal

The key points as I understand them are: You cannot have customer loyalty without cultivating employee loyalty and investor loyalty. So debates about which comes first (customers, employees, investors) shows that folks lack a fundamental grasp of that which we … Continue reading "A ‘Fresh’ Look at Customer Retention and Loyalty (Part II)". Customer Loyalty Customer Philosophy Customer Strategy Strategy customer loyalty customer retention loyalty based management profits The Loyalty Effect theory of business

How to Embed a Customer Experience Framework 

ijgolding

In my exclusive column for CustomerThink in October 2016, I shared my ‘top tips’ for creating the right culture to enable an organisation to become genuinely customer centric. In November 2016 I did so with tip number 1 – how to make Customer Experience a priority for the whole company – you can read it here. Do you know what you are supposed to be doing for your customers?

CUSTOMER CULTURE: How does it drive future business performance?

ijgolding

I have written many times about the subject of Customer Experience and the different opinions that people hold on whether it really does make a difference. I am incredibly fortunate to come in to contact with – and be exposed to – a whole wealth of brilliant people who are constantly creating new, innovative ways of influencing organisations to focus on the customer.

Customer Service; Customer Experience; Customer Centricity – what is the difference between them?

ijgolding

It is difficult to deny that these three terms are becoming increasingly visible in the language of business: Customer Service. Customer Experience. Customer Centricity. So here goes: Let’s start with Customer Service – the two words that have been embedded in the way organisations work for decades. Customer Services is NOT Customer Experience.

Moving customers from “cost center” to “asset”

Customer Bliss

Within my five-competency customer experience framework , I often call No. 1 — honor and manage customers as assets — the “clincher competency.” ” This is where you begin to move customers away from being perceived as a cost center and towards being perceived as assets. Can they contrast it with the value of lost customers? Weekly? Annually?

Customer churn: The pipeline that shall save you

Customer Bliss

Customer churn is bad. In a perfect utopia, all your customers would stay in the fold, retain, and refer you to other new customers. That’s the apex of a customer-driven growth engine, and it’s essentially the polar opposite of customer churn. That happens to brands too, and oftentimes it happens to brands around how they deal with their customers.

4 Tips to Boost Conversions and Customer Retention on Cyber Monday

PeopleMetrics

As recent high-profile data breaches like those of super brands Target and Neiman Marcus have shown, data security has become an important variable in the formula for customer retention. Your ability to leverage data security will play a vital role in customer retention online and offline. Enhance Your Site with Customer Reviews and Testimonials. Make it Easy.

Customer Experience Commitment – 2016 Customer Centricity Research Findings

ijgolding

When it comes to the subject of Customer Experience, there are many questions I would like to know the answer to. So this year, I wanted to explore another aspect of Customer Experience that I find extremely interesting. The number of organisations and their leaders who have started to ‘talk’ about Customer Experience has steadily increased over the last few years.

Voice of the Customer: It’s Time for a Global Customer Experience Wakeup Call

ijgolding

I am privileged because a multitude of organisations welcome me in to their inner sanctum to help them in their quest to become more customer centric. As people we never stop learning and being able to see, feel and touch Customer Experience in its many stages of evolution is an amazing honour. Winning back a customer IS NOT EASY! this jumps to 32 percent. About SDL.

The customer is not always right….BUT be careful how you respond when you think they are not!

ijgolding

Although you may not have heard of it, it is possible that the eatery will become infamous as an example of how NOT to respond to customer feedback. Communication Channels Customer retention and loyalty CX Strategy Recovery Social Media 47 King Street West 47 king street west tripadvisor customer experience customer feedback Easyjet Mike Hymanson TripAdvisor It is very likely you have not heard of 47 King Street West – a French restaurant based in Manchester in the UK. When an organisation considers […].

‘Customer excellence is here: it’s just not very evenly distributed yet’. The Nunwood 2014 UK Customer Experience Excellence Report

ijgolding

Customer Excellence is here: it’s just not evenly distributed yet’ A fantastic quote that I wish I could claim was mine! The quote is in fact the very first line of the executive summary of this years Nunwood UK Customer Experience Excellence Report – a report that should be essential reading for any customer experience professional in the UK. Empathy.

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The cost of NOT focussing on Customer Experience

ijgolding

The question was as follows: What value has our business experienced as a result of all the Customer Experience (CX) work that has been done? Only recently I wrote about an experience a friend of mine was (and still is) having with BT – it was the perfect example of the RANDOM or UNINTENTIONAL Customer Experience. You can read more about the story here ).

Find, Win, Keep: A simple customer centric business strategy

ijgolding

Gary’s probing went as follows: ‘What is our strategy to sustainably FIND new customers?’ Back in 1999, the concept of the ‘customer journey’ did not really exist. However, even then, GE were the masters at understanding end to end ‘processes’ as well as the importance of customer centricity. ’ Now that is a question.

The epic failings of Emirates: are brands really trying hard enough when it comes to Customer Experience?

ijgolding

As someone who spends his life eating, talking, breathing, writing and generally living everything to do with Customer Experience, it is inevitable that on occasion I may get tagged as a serial ‘moaner’ It is true to say that I often highlight the less than palatable experiences I encounter. Customer Journeys Customer retention and loyalty Recovery Travel customer experience customer experience failure customer experience recovery Emirates Etihad However, I am just as quick […].

Opinion or Reality? Does Customer Experience really make a difference?

ijgolding

I am unlikely to be the first person to write an article focusing on whether or not the Customer Experience really makes a difference. On a weekly basis, Customer Experience Professionals all over the world are being challenged to demonstrate the ‘tangible’ value focusing on the Customer […]. Customer retention and loyalty CX Professionals CX Strategy customer centric customer centricity customer experience customer experience professionals customer experience strategy does customer experience make a difference JC Penney woolworths

Post-Labor Day: Kill work stress, focus on CX

Customer Bliss

While companies still need to be productive and build their customer-driven growth engines, chances are a lot of your colleagues were out on vacation for chunks of the summer. How will you know if customers are responding to your organization and its products/services? Where will your customer focus truly reside? For many U.S. Labor Day is the unofficial end of summer.

Mystery Shopping Programmes – great in reality or just in theory?

ijgolding

The story led to me meeting the man responsible for Customer Experience at McDonalds in the UK. If you have ever wondered whether mystery shopping programmes are an effective way of capturing insight into your customer experience, it is a hugely insightful read… In his book, The World As I See It, Albert Einstein wrote “the most beautiful experience we can have is the mysterious.”