40 Customer Retention Statistics You Need to Know

GetFeedback

Learn about the top two customer surveys for predicting and increasing customer retention. Anytime a customer cuts ties, you experience the negative impact of customer churn. Customer Retention by the Numbers. Institute of Customer Service ).

The Science of Predictive Customer Experience Management

CloudCherry

Customer experience is becoming an increasingly popular topic, with many forward-thinking businesses thinking it can set them apart in today’s highly competitive landscape. Compared to their competitors, experience-driven businesses grew their revenue 1.4

Listening to Customers Tells You Everything You Need to Know… - Transforming the Customer Experience

Kristina Evey

LISTEN to your Customers. We all know how to do it… but few know how to do it well … and it could be driving your customers away if you don’t do it well. Listen well and you’ll increase sales and customer loyalty. LISTEN to the customer.

4 Reasons Why Customer Retention Matters to Your Customer Acquisition Efforts

Bob Hayes

Business growth depends on acquiring new customers and keeping them around for a long time. Yet businesses are over 2x more likely to focus on acquisition efforts than they are retention efforts. Here are four reasons why customer retention is important to customer acquisition.

4 Reasons Why Customer Retention Matters to Your Customer Acquisition Efforts

Bob Hayes

Business growth depends on acquiring new customers and keeping them around for a long time. Yet businesses are over 2x more likely to focus on acquisition efforts than they are retention efforts. Here are four reasons why customer retention is important to customer acquisition.

Customer Retention – Let’s start at the very beginning

Ian Williams

The customer experience ‘movement’ began in earnest around 15 years ago, with the first books on the subject being published shortly after the turn of the millennium. This is not to say that many of the various aspects of business associated with customer experience, such as loyalty and retention, were not already being practiced. This raises questions as to why marketing did not naturally evolve into what customer experience is today.

Customer V Owner – Who wins? You decide! (in other words, is the customer always right?!)

ijgolding

I must confirm that the focus of my blog is not switching from Customer Experience to travel! Firstly, the customer gave the restaurant a rating of three – higher than I would have expected in relation to the content of the review. The post Customer V Owner – Who wins?

10 Things Your Customers Secretly Wish You Knew!

Kristina Evey

Delighted and loyal customers… we all want them. But there are a few things that your customers want you to know. Greet them like they are your MOST IMPORTANT CUSTOMER. Giving a little more unexpectedly delights customers.

Tips 253

Customer Service – It CAN Earn You Loyal Customers!

Kristina Evey

I preach continually about the importance of Customer Service and am really happy to share this personal story. Just moments after my second inquiry, the restaurant manager, Tony, appeared and genuinely apologized for our wait.

Customer Experience Mapping Puts the Pieces of Customer Satisfaction & Loyalty Together

Kristina Evey

Put the Pieces of the Customer Experience Together with Customer Experience Mapping. I suggest that mapping be done to outline the ideal perfect customer experience that you’d love to be able to deliver to your customers.

With customer experience design, functional is good. But don’t stop there – by Beth Richardson

ijgolding

“Focus on the whole journey, not just the transaction” In the world of Customer Experience (CX) you will hear this phrase frequently. The difference between a user story like the one above, and meeting a customer’s overall goal. Customers are human.

Are you Irrational: 7 Questions to See If You Are Irrational?

Beyond Philosophy

I love watching what people, and Customers do. When I am reviewing an organization’s experience I am on the look out for this type of irrational behavior as this will give me many clues on how to make it much better. Your Customers would raise their hands during this TED talk also.

CEM 170

6 Steps to a Great Apology

Beyond Philosophy

You charged for the wrong plan on a Customer’s mobile bill or sent an ‘Extra Small’ instead of a Medium on the Jacket a Customer ordered online. So how do you recover from a mistake with your customers? Acknowledging your emotions is key to communicating with your customer.

5 Facts to End the ROI Debate on Customer Experience

Beyond Philosophy

For many years, there has been a debate whether you could assign a dollar amount to determine the return on investment for any Customer Experience improvements. We were also able to use this data to predict future membership length based on the quality of experience.

ROI 168

Do You Harness the Power of Habit in Your Marketing Yet?

Beyond Philosophy

When they saw these purchases in the customer’s history, they decided that they would begin the targeted campaign to these women. “ Most of the time, what we do, is what we do most of the time”. This is former F1 champion Lewis Hamilton stopping in the wrong team’s garage to change tires.

Why Gut Decisions Are Sometimes Wrong

Beyond Philosophy

Kahneman explains that System One is at work when you look at a photo, interpreting the image, supplying you with your related personal experiences. We need to make sense of the random occurrences we experience. This fact is why dealing with Customers is so difficult.

System 154

Are You Deliberate with Your Customer Strategy or Just Taking a Chance?

Beyond Philosophy

Customer centricity requires strategy to cultivate a culture that puts the Customer at the center of everything you do. As the third in our series of nine posts looking at the different parts of the organization contributing to Customer centricity, let’s look at: Customer Strategy.

What really makes customers happy?

ijgolding

Over time, several words have been used to describe the organisational focus on customers. They include: Customer Experience. Customer Focus. Customer Centricity. Customer Service. Customer Success. Customer Outcomes. Customer Management.

Why Most Customer Experience Programs Fail

Beyond Philosophy

We work with Customer Experience (CX) professionals around the world and train them on how to go about implementing CX programs. The main reason that an organization fails to improve their CX is because of their lack of Customer Centricity. Where does your experience stop?

7 Signs of Decline for the CX Movement in 2015

Beyond Philosophy

Customer Experience continued to be a dominant business issue throughout the world in 2014. They are all working to improve their Customer Experience. I can say with confidence the Customer Experience concept is now a worldwide phenomenon.

CEM 131

How to Get People to Do What You Want

Beyond Philosophy

As a leader or a marketer if you want an employee or a customer to change behavior, research says the best thing to do is give them positive reinforcement when they do what you want. He had similar results of improvement for other experiments in jaywalking and handicapped parking places.

eBook 135

What Does The Scottish Independence Vote Have to Do with Customer Experience?

Beyond Philosophy

Before I explain what I mean by that and how it has to do with Customer Experience, however, let me first tell you where I was born. 2] The study found price increases had twice the effect on customer switching, compared to price decreases.”. Well, there you have it!

How to Embed a Customer Experience Framework 

ijgolding

In my exclusive column for CustomerThink in October 2016, I shared my ‘top tips’ for creating the right culture to enable an organisation to become genuinely customer centric. In my last column of 2016, I explored tip number 2 – how to embed a Customer Experience Framework.

How To 259

The Problem with Self Service

Beyond Philosophy

More and more of your Customers believe access to self-service options is essential to their relationship with your business. Their Customer Service Success Blog reported some interesting stats to consider about Customer’s self-service options, including: By 2017, Only 1/3 of Customer service interactions will require human assistance. As many as 2/3 of Customer service interactions will occur without human-to-human contact. Customers value trust.

3 Reasons Why Customer Understanding Matters for Customer Centricity

PeopleMetrics

In customer experience management, we use transactional surveys to guide actions for customer centricity. Such exchanges are typically what prospective clients seek from customer experience software like ours. What’s the lifetime value of each customer type?

How to Navigate Toward Customer Centricity

PeopleMetrics

Picture your customers, darting across the water on jet skis, able to make quick water-spray turns to their heart's content. What I’m saying is, in this age of customer fluidity and freedom, your turning radius is not ideal. Use customer and employee feedback to make minor corrections.

How to Make or Break Your Customer Experience

Beyond Philosophy

All the little parts along the way in your experience are what make a Customer experience Customer-Centric. Putting the Customer first in everything you do applies to every part of your organization, from the way you greet them to the way you bill them.

How Dun & Bradstreet gets sales teams to buy-in on customer experience

Qualtrics

Talk to any salesperson and they’ll tell you that personal experience and relationship-building are core aspects of their job. D&B’s VP of Customer Insights, Rachel Richter, spoke at the X4 Summit in Salt Lake City, and explained how the company was making data more usable for its sales teams. D&B’s insights team set out to do 3 things to support customer acquisition and retention: Create a customer feedback lifecycle. Leveraging sales teams’ experience.

Data 28

eBay & PayPal’s Split is Good for Customers

Beyond Philosophy

Coming out from under eBay’s shadow will let them blossom, into what I hope will become a Customer-centric organization. They have Customer-centric leadership. It’s great that their new CEO, Dan Shulman is coming from American Express, a highly Customer-centric company.

Creating Award Winning Employee Engagement: A Case Study

Beyond Philosophy

We have had the pleasure of working with Caterpillar for a while, and recently I was asked to judge their ‘Excellence in Customer Experience Awards for 2014.’ One of the most important things they learned, however, was that improving Customer Experience starts with improving your Employee Experience and managing the pain of change for them. Today, we have a much larger customer base, and we can’t keep doing things the ways we have always done them.

4 Ways to Gain Customers’ Trust in Data Security

Beyond Philosophy

Consumers also believe that in spite of this concern about safety they must share data to have a better experience with a company. In other words, Customers will share data even though they don’t believe it is protected enough to get a better value from an organization.

Don’t Disappoint your Customers this Holiday Season

Beyond Philosophy

How can marketers avoid creating a disappointed Customer? Reading these comments, I thought, “The Customers are feeling disappointed due to the way that their expectations have been set.”. Clearly avoiding disappointment means meeting the expectations of your Customers.

eBook 111

What Can We Learn from Restaurants and Casinos?

Beyond Philosophy

95% or a person’s processing power is the subconscious experience. Knowing this percentage, how can you harness the incredible power of the Customers’ subconscious mind to create a positive experience? What these industries do to create a positive experience for their diners or players show us the importance of designing a deliberate subconscious experience for your customers, whomever they might be. So what does this mean to my Customer Experience?

Verint Speakers: Marketing Should Evolve as Customer Preferences Do

Verint

Verint’s Nancy Porte, vice president, global customer experience, will be part of a panel presenting “Customer Experience, Customer Success, Customer Retention: Are They All the Same?” MarTech Magnified: Evolve Your Marketing with Changing MarTech.

5 Tests to Reveal How Customer Centric Your Channel Strategy Is

Beyond Philosophy

Do you allow Customers to use whatever channel they wish to communicate with you, or do you restrict them to one or two channels? The answer to this question can show how Customer centric your company is. This post is the fifth in a series of nine posts that uses our Naïve to Natural customer-centricity assessment. Today we are looking at Channels, one of the nine parts of your current experience that contributes to Customer centricity of your organization.

Building Loyalty Doesn’t Need a Card

Beyond Philosophy

Keeping Customers is cheaper than getting new ones. Customer loyalty and retention are goals for most organizations as a result. So now what do we do to build Customer Loyalty? Loyalty Programs Disappoint Customers. This loyalty program disappointment is further compounded by the effect that most Customers expect their loyalty rewards. To avoid this situation, organizations need to consider their target Customer’s wants and needs.

The Evolving Chief Customer Officer: Identifying Value, Authority, Scope, Responsibilities, and Strategic Direction Within the Enterprise

Beyond Philosophy

In the past decade, we’ve seen the number of companies with an individual in the role of Chief Customer Officer (CCO) – nicely defined by Wikipedia as “the executive responsible for the total relationship with an organization’s customers” – grow from under 100 to thousands today. They are; Customer Experience and Value Optimization. Customer Insight, Data and Action Generation. Customer Relationship-Building. Michael Lowenstein, Ph.D.,