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3 Ways To Balance Customer Acquisition and Retention Strategies

Lumoa

You can’t grow your business without expanding your customer base. However, should your marketing budget be more focused on customer acquisition or retention is a tough question and one that will eventually define your growth. According to experts, about 50% of your customers churn naturally every five years.

Strategy 208
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8 Voice of Customer Tools to Monitor Customer Experience

Thematic

More businesses aim to capture Voice of Customer (VoC) data each year. But only 14% of marketers feel customer experience is their strongest company trait. You already know you need an amazing customer experience (CX) to keep retention high. A study asked marketers how VoC programs added value to their businesses.

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5 Top Customer Service Articles For the Week of August 31, 2020

ShepHyken

How to Prevent Customer Churn with Retention Marketing by Lauren Pope. Learning Hub) Attracting new customers is cool and all, but do you know how to keep them around? My Comment: Some of our readers may know that I’m writing another book about getting customers to come back.

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Why You Struggle To Meet Your Business Objectives (And how to Crush them)

C3Centricity

You know, the topics that make up our business and marketing plans with such lofty ambitions as: Grow our market share to X%. All of these may be valid business objectives, but they are not customer focussed. Growing market share may be a valid business objective, but it's not customer focussed.

Meeting 120
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15 Helpful Strategies to Reduce Customer Churn

ProProfs Chat

Stable customer base results in higher referrals, improved upsell revenue and increased lifetime value (LTV) which further results in improved customer acquisition in future. Needless to say, customer retention is the core value for the growth of any business. Failing to Deliver as Per Customer Expectations. “

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How to deliver superb omnichannel CX in a digital world according to 24,000 consumers globally

OpinionLab

The infographic below highlights some more specifics around this point. Amazon is a market leader any which way you slice it. Of course, it’s important to recognize that this is a huge generalization and there will always be outliers. Learning 5: Customers are becoming less loyal in the digital age.

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The Complete Customer Service Training Guide

ProProfs Chat

Watch & Learn: How to Create an Online Training Course. In short, it is essential for your business to create a customer service training program to improve customer experience and loyalty. And while you create one or update an existing one, make sure you take customer feedback into account. Learn anytime, anywhere.