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The Psychology Behind Customer Retention and Loyalty

Experience Investigators by 360Connext

When working to grow their business and revenue, companies often focus most (if not all) of their resources on attracting new customers. Customers expect (and deserve!) 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.

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Explaining the power of customer expectation: stories of splashing sinks, free tea and broken curtains!

ijgolding

Both of these emotions build a level of expectation that presents a challenge for the organisations we interact with – the challenge being that it is their role to try to meet it! The question is, would they be able to meet my expectations or not? W Hotels were not the only brand to fail to meet my expectation last week.

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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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Why Engagement Strategies & Investment Are Important for Customer Retention

ProProfs Chat

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. Simple formula: Customer Retention = Engagement + Investment.

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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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Understanding Negative NPS Score: Causes, Impact and Solutions

Lumoa

In other words, failing to provide adequate customer service can be enough to trigger a negative NPS score and, consequently, drive customers away. Quality of Product/Service Falling Short of Customer Expectations As consumers, we all have expectations from the products and services we acquire.

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Bad Customer Complaint Handling Can Ruin a Brand’s Reputation

CSM Magazine

Customer expectations have never been so high, but most businesses lack the skills to deal with upset clients. Companies focused on long term success understand the importance of investing in efficient customer service recovery to restore their reputation when it’s put on the line. ” –Warren Buffett.