SmartMessage Blog

JULY 20, 2023

Companies build strategies and heavily invest to maintain a solid customer base in today’s fiercely competitive business world. Statistics state that it is more profitable to keep current customers compared to acquiring new ones. According to expressanalytics, customer retention costs up to 6 times less than acquisition.

Loyalty 52

Loyalty Management Loyalty Programs Competitive Advantage 52

SmartMessage Blog

JULY 13, 2023

Companies build strategies and heavily invest to maintain a solid customer base in today’s fiercely competitive business world. Statistics state that it is more profitable to keep current customers compared to acquiring new ones. According to expressanalytics, customer retention costs up to 6 times less than acquisition.

Loyalty 40

Loyalty Management Loyalty Programs Competitive Advantage 40

BirdEye

MARCH 24, 2023

This is a secret weapon that leading businesses use to transform satisfied customers into repeat businesses and zero-cost brand ambassadors. The following are a few tips to encourage referrals: Create a customer loyalty program. Stay in touch with existing customers post-sale to nurture relationships.

Return on Investment 98

Return on Investment Social Media Sales Metrics 98

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

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

SurveySensum

MAY 11, 2023

NPS is particularly useful in the retail industry because it helps businesses build customer loyalty, retain loyal customers, and encourage them to refer others. By using rNPS to measure customer loyalty and build relationships, retail businesses can gain a better understanding of their customer’s needs and preferences.

NPS 52

NPS Retail Net Promoter Score Effort Score 52

ProProfs Chat

JULY 21, 2020

While all the previous stages are time-bound, the retention stage can often be prolonged depending on the value a business is willing to offer. Recommended Read: How to Increase Customer Retention. When customers stick around with your business for long they become more than just loyal customers.

Management 52

Management Loyalty Programs Loyalty Competitive Advantage 52