article thumbnail

7 Proven Customer Retention Strategies Every Retailer Should Know

SurveySensum

According to the research study conducted by Harvard Business School, The Economics of E-Loyalty , increasing customer retention rates by 5% increases profits by 25% to 95%. It is far more expensive to acquire new customers than to retain existing ones and brands understand that.

article thumbnail

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?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Technology Based Solutions to Enhance Customer Retention Strategies

TechSee

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. Considering churn is closely linked to customer satisfaction, companies are attempting to transform their customer experience to meet consumers’ high expectations.

article thumbnail

Ensuring Confidence & Safety for Policy Holders During Their Claims Journey [USE CASE]

inQuba

For insurers, it’s customer convenience. Policy holders everywhere want easy, fast, and on-demand – and they want it their way. Customer Journey Management , and specifically journey orchestration, makes this achievable. This empathy will improve experiences, build loyalty and significantly reduce customer churn.

article thumbnail

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.

article thumbnail

Struggling to Prove the ROI of Customer Experience? You Could Be Missing These 3 Keys to Success

InMoment XI

To reach the goal of a truly effective, ROI-focused CX program, we cycle our customers through our five step framework. The road to true experience program success begins with clearly defining an experience strategy that aligns with overall business goals and brand promises and then designing a program purpose-built to support those goals.

ROI 557
article thumbnail

Brand Integrity and Your Ideal Customer

ClearAction

Brand Integrity and Your Ideal Customer Lynn Hunsaker Ideal Customer Profiles can be your key to sales velocity, retention, recurring revenue, and CAGR (compound average growth rate). Selling to the right type of customers makes everything better. You need to “own” this customer segment.

Brands 62