InMoment XI

FEBRUARY 24, 2022

So how should a CX practitioner go about bridging that gap in communication? We know that customer experience can be a tough sell—after all, your business has so many priorities! Proving that your CX program has direct ROI and impact on your bottom line can be nebulous at best.

Tips 493

Tips ROI Metrics Touchpoint 493

Lumoa

JULY 10, 2018

The probability of selling to a new prospect is 5-20%, while the probability of selling to an existing customer is 60-70% according to Marketing Metrics. Murphy & Murphy estimate that a 2% increase in customer retention has the same effect on profits as cutting the costs by 10%. When you have listed the hypotheses, test.

ROI 303

ROI Customer Experience NPS Financial 303

Totango

OCTOBER 2, 2020

During difficult times, it is especially important to understand what is going on inside your customer’s mind, as well as what is going on inside their business. Providing Value Is Key to Retaining Customers During an Economic Downturn . Every act of providing value is therefore an act of customer retention.

Customer Retention 118

Customer Retention Effort Score Customers Resources 118

Customer Bliss

AUGUST 4, 2016

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. Now, a lot of businesses focus much of their effort on the customer acquisition side. It’s obviously important.

Customer Retention 100

Customer Retention Strategy ROI Customers 100

Alliance by IFS

MARCH 27, 2019

Watch our short video and take our 5-minute quiz to see what kind of ROI results your organization could achieve by implementing field service management software. Use our ROI calculator for software purchases and take a five-minute quiz to see the rewards your organization could reap by implementing FSM software.

ROI 81

ROI Software Management Call Center 81

Beyond Philosophy

SEPTEMBER 8, 2022

It could be increased market share, improved NPS, or higher customer retention. In this phase, you also need to get the voice of the customer and the voice of the process. The key here is communication. However, communication doesn’t mean email. It meant getting out with people and working with customers.

Case Study 97

Case Study ROI Study Customer Experience 97

SurveySensum

SEPTEMBER 8, 2023

NPS cuts cost of customer acquisition: According to the research done by Frederick Reichheld of Bain & Company (the inventor of NPS) increasing customer retention rates by 5% increases profits by 25% to 95%. NPS increases customer loyalty: According to the 2017 Temkin research , promoters are 4.2

NPS 52

NPS ROI Social Media Effort Score 52

LoyaltyPlus

JUNE 27, 2019

With a better understanding of the collected data, companies can improve their products, services or investments and customer relationships through predictive marketing and communication. The benefits of consumer intelligence are endless: from increased store sales to increased profit margin and also the increase of customer retention.

ROI 70

ROI Data Analysis Loyalty 70

Confirmit

OCTOBER 18, 2018

What Is Customer Retention? Customer retention refers to an organization’s processes and activities that aim at stopping customers from churning or switching to a competitor. Increasing customer loyalty is a key goal of any business, and contributes greatly towards sustainable growth.

Customer Retention 45

Customer Retention Multi-Channel Net Promoter Score Return on Investment 45

Totango

JANUARY 4, 2019

In order to implement a customer-centered approach, your success team must adopt a new way of thinking when it comes to the marketing strategies they implement. To help get the change started at your enterprise, we’ve put together five customer-centric marketing strategies for SaaS companies that deliver real ROI.

Customer Centricity 79

Customer Centricity ROI Strategy Company 79

InMoment XI

MARCH 25, 2024

Organizations should take a closer look at predictive analytics examples to discover the myriad of ways that data and artificial intelligence (AI) can power more personalized customer experiences and enhance brand loyalty and customer retention. It’s an opportunity that your company can capitalize on today.

Analytics 260

Analytics Examples Customer Experience Effort Score 260

NobelBiz

MARCH 23, 2022

Running a successful contact center means you’re responsible for keeping customers happy and your agents performing effectively so that your company may thrive. And generating an ROI on your contact center to increase your company’s bottom line is part of that growth strategy. How to determine the ROI for a Contact Center Solution?

Return on Investment 52

Return on Investment Contact Center ROI Measurement 52

CustomerSuccessBox

MAY 25, 2021

Have you ever heard any SaaS founder or VP -CS saying,” I‘m okay with losing a few customers every month?”. That’s because Customer Retention is critical. Customer retention is critical — particularly for B2B SaaS companies. Retaining a customer is way more profitable than acquiring new ones. .

Customer Retention 52

Customer Retention Metrics Measurement B2B 52

SurveySparrow

JANUARY 14, 2020

Because there are plenty of options for your customers and a small slip from your side can make them leave you. This is why you need to have a customer retention plan in place. The importance of customer retention cannot be explained in one or two sentences. What is customer retention? Saves money.

Customer Retention 52

Customer Retention Gamification Feedback Loyalty Programs 52

Kayako

AUGUST 19, 2022

Specific ways to gather data that helps agents understand and update context include: Review the ticket history, so the customer doesn’t have to repeat the details. Look for pending communications from the customer. Customers may be more comfortable in one communication context than another. Personalized Support.

Customer Experience 156

Customer Experience Customer Service Effort Score Self Service 156

LoyaltyPlus

JUNE 27, 2019

With a better understanding of the collected data, companies can improve their products, services or investments and customer relationships through predictive marketing and communication. The benefits of consumer intelligence are endless: from increased store sales to increased profit margin and also the increase of customer retention.

ROI 40

ROI Data Analysis Loyalty 40

Integrity Solutions

APRIL 19, 2024

The Value of Personalization in Sales McKinsey has found that personalization provides distinct, tangible advantages for companies: It can reduce customer acquisition costs by as much as 50%, lift revenues by 5-15% and increase marketing ROI by 10-30%. Be prepared to adapt on the fly as you communicate with others.

Sales 107

Sales Loyalty Communication Contact Center 107

Bob Hayes

APRIL 29, 2018

Yet businesses are over 2x more likely to focus on acquisition efforts than they are retention efforts. In today’s post, I want to discuss why businesses need to increase their focus on customer retention efforts and why the are imperative to your customer acquisition efforts. Increase Revenue.

Customer Retention 64

Customer Retention Return on Investment Customers Case Study 64

Bob Hayes

APRIL 29, 2018

Yet businesses are over 2x more likely to focus on acquisition efforts than they are retention efforts. In today’s post, I want to discuss why businesses need to increase their focus on customer retention efforts and why the are imperative to your customer acquisition efforts. Increase Revenue.

Customer Retention 64

Customer Retention Return on Investment Customers Case Study 64

Experience Investigators by 360Connext

FEBRUARY 6, 2024

We know CX teams can deliver significant business advantages: Satisfied customers are much more likely to purchase more Revenue grows 40% faster by providing personalized experiences Businesses achieve a 2.3x CX teams use a variety of metrics to guide their efforts, drive improvements, and measure ROI. What are its pros?

Metrics 270

Metrics Effort Score Net Promoter Score Data 270

InMoment XI

APRIL 3, 2024

The customer experience—how buyers feel about their collective interactions with a brand—defines and motivates customer action. But with the advent of the information age and the communication technologies that support it, a new facet of customer experience has emerged: digital experience. What Is Digital Experience?

Customer Expectations 260

Customer Expectations Meeting Customer Experience Touchpoint 260

GetFeedback

SEPTEMBER 24, 2019

Before you worry about proving the ROI of a VoC program, focus on building relationships and trust with the key stakeholders in your company. Marketers are usually tasked with brand building, lead generation, and customer communications. In one case, the CX team surfaced a communications issue about changes in account ownership.

How To 150

How To ROI Policies Analysis 150

ShepHyken

MAY 25, 2020

How to calculate your customer retention rate by Bryce Baer. Rather, consider it a key metric to guide and improve customer retention strategy and retention rate. I was glad to see this article, which includes the formula to measure customer retention. How to calculate your customer retention rate.

Customer Service 61

Customer Service Contact Center ROI Customer Retention 61

Totango

JUNE 28, 2022

The primary mission of a Chief Marketing Officer (CMO) is to foster growth, attract new leads, and increase sales by effectively communicating the value the company’s products and services can provide. During an economic downturn, your greatest investment should be in your current customer base. Maximize Your Return on Investments.

Return on Investment 73

Return on Investment Competitive Advantage ROI Effort Score 73

Comm100

JUNE 1, 2022

Live chat meets the needs of customers by allowing them to receive answers to their questions in real-time without the downsides of phone communications. In competitive industries, customer satisfaction can significantly impact business. Lower agent productivity .

Software 130

Software Multi-Channel Chatbots B2C 130

Maru/HUB

JANUARY 17, 2018

Customer Experience is set to overtake price and product as the key brand differentiator by 2020. Many companies already recognise the importance of customer experience for customer retention and business growth. MarketsandMarkets forecast the global customer experience management (CEM) market to grow from $3.77

Customer Experience 106

Customer Experience CEM Omni-Channel ROI 106

Thematic

MARCH 27, 2024

Analyzing this data helps you identify the specific areas where customer experience is faltering, empowering you to take targeted action to prevent customers from leaving in the future. Proactive vs. Reactive Customer Retention Without a churn risk model , your approach to customer retention remains reactive.

Effort Score 62

Effort Score Analysis Feedback Net Promoter Score 62

Experience Investigators by 360Connext

AUGUST 22, 2023

That’s right: your customer experience is shaped whether you focus on it or not. Customer experience is the total relationship your customer has with your organization through communication, interactions, and transactions. Most importantly, it’s about how your customer feels about those experiences.

Customer Experience 143

Customer Experience Effort Score Course Feedback 143

ClearAction

DECEMBER 5, 2023

As changes happen, communicate proactively to manage expectations. This article is a continuation of 24 CX ROI Metrics for Your Chief Customer Officer Prosperity Playbook. There you can see the equations for 24 customer experience metrics expressed in money rather than percent or scores, making financial gains obvious.

Metrics 62

Metrics Effort Score ROI Policies 62

Alliance by IFS

MAY 28, 2019

The Right Field Service Management Solution Yields Long-Term, Recurring ROI. To achieve it, you have to boost customer retention , attract new customers, and/or offer new products and services. Personalizing service delivery through greater digital engagement with customers. Increase technician productivity.

Software 92

Software Management Self Service Customer Retention 92

CSM Magazine

FEBRUARY 3, 2023

It’s clear, customer acquisition is not where our focus should be in 2023. Go big on customer retention. Now is when thoughtful customer service shines. Retaining existing customers and keeping churn to a minimum is vital to surviving rocky terrain. The answer is simple.

Customer Service 52

Customer Service Chief Customer Officer ROI Social Media 52

ClientSuccess

JANUARY 11, 2023

Regularly monitor customer performance and identify opportunities for improvement. Measure customer success metrics for meaningful insights. Focus on customer retention and long-term ROI. Advocate on behalf of the customer —even if it means making a sacrifice in terms of time, cost, or other resources.

Customer Success 80

Customer Success eBook Loyalty Conference 80

ShepHyken

OCTOBER 4, 2019

Smart businesses are now turning their heads to customer engagement platforms. An effective customer engagement platform allows you to reward your brand loyals. Such rewards drive better revenues, ROI, and profits. What is customer engagement? Well, there is nothing fancy about customer engagement.

Brands 119

Brands Engagement How To ROI 119

SurveySensum

JULY 11, 2023

Here’s how you can do it – Collect relevant customer data to understand their preferences and needs. Segment your customer base based on common characteristics or behaviors. Use customer persona to deliver personalized recommendations and offers. Tailor communication and messaging based on individual customer preferences.

Brands 83

Brands Customer Experience Effort Score Rewards Programs 83

Customer Bliss

MAY 2, 2019

Rosalyn talks about the customer delight approach, which people talk about a lot. However, at Allovue, they didn’t see much of an ROI with this method. She said that though people were happy to receive flowers and nice messages, it didn’t correlate to customer retention.

Company 149

Company Strategy Chief Customer Officer Financial 149

C3Centricity

APRIL 2, 2018

A more recent study by BCG and GRBN resulted in an Invest in Insights Handbook to help organisations report on the ROI of the insights function. They found that those who measure their ROI have found a seat at the decision table, increased budgets, and more control. Pricing, value perceptions and CLV (Customer Lifetime Value).

Marketing 175

Marketing Handbook ROI Social Media 175

Kayako

JULY 31, 2019

Every team involved in the customer journey should work together to support sales, and their customer communication tool of choice should be live chat. Acquiring a new customer can cost 5x as much as retaining an existing one – Invesp. Most companies get an ROI within weeks of adding live chat to their websites.

Sales 161

Sales Marketing Net Promoter Score Consumers 161