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5 SaaS Renewal Process Best Practices for Customer Retention

Totango

With a focus on lifetime customer success rather than on quick revenue raising, you can turn your renewal process into a celebration of an ongoing partnership. It’s a customer-centered approach that reflects the broader economy we currently operate under, one where the customer expects individualized treatment. Customer retention is about the promise of continued growth. Understand your customer’s journey. Define Your Customer.

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Measuring Customer Service Performance: Lifetime Customer Value

CSM Magazine

Don’t we all wish that customers came with a lifetime guarantee? In that perfect world, customer retention would be at 100% and customer turnover would be zero. Since that’s not the world we live in, customers need to experience prompt and dedicated attention at every major customer touch point. Can Any One Contact Center KPI Boost Customer Lifespan? Customer Effort Score (CES). Customer Service Articles

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The True Cost of Losing a Customer

BlueOcean

One negative customer experience may seem like a drop in the ocean of all your customer interactions, but it’s never that simple. Consider these statistics from a recent survey from NewVoiceMedia: After experiencing poor customer service: • 37% of customers would change their supplier. • 28% would post a negative online review. • 26% would complain via social media. • 13% would tell friends/colleagues. • 10% would inform the media.

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Enterprise-Rent-a-Car: How to turn a ‘promoter’ into a ‘detractor’ in 1,2,3!

ijgolding

It fills me with no joy to have to write a post about companies that have delivered unacceptable Customer Experiences. Regular readers of my blog know by now that I write about the good, the bad and the ugly when it comes to Customer Experience so that others may learn from the experiences that I and people in my networks have. Today I am sharing a story about a company that has had an overt Customer Centric culture for many years. I carried on as a happy Enterprise customer.

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Escalation Management Framework Techniques to Put into Action Now

Totango

When operating within a customer-centered economy , maintaining client satisfaction is an absolute necessity—a fact that’s been made all the more true thanks to today’s increasingly digitized business landscape. Poor Customer Feedback . The escalation stage the customer is at: .

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5 Top Customer Service Articles of the Week 10-4-2021

Shep Hyken

Each week I read many customer service and customer experience articles from various resources. 7 Techniques That Are Key to Customer Retention Today by John Hall. My Comment: Returning customers are more profitable, not just because they return.

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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-related decision making is now knowledge-based, replacing intuition and guesswork.

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What is Customer Lifetime Value and How to Calculate It

ChurnZero

Customer Lifetime Value (CLTV) , also known as, Lifetime Value (LTV), is the gross profit a customer delivers to your business in their lifetime. It is the amount of revenue your business will make from a customer over their average lifetime as a customer.

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Customer Lifetime Value and Client Retention: What’s the Connection?

CSM Practice

But while you might assume that you’ll need an endless stream of new customers to reach the next level, your success might actually hinge on your ability to retain and grow your existing customers. In other words, client retention matters. Enter: Customer Lifetime Value.

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Top 10 Ways to Build a Customer-Centric Organization & Profitable Business

Pretium Solutions

Satisfied customers aren’t enough. To drive profitability you must generate customer loyalty and orient your entire organization around that mission. Real customer loyalty is not a short-term proposition; rather, it is a long-term commitment to your products or services, company or brand. In order to create and build Loyal Promoters and improve customer retention , your company must be customer-centric. Focus on Generating Customer Loyalty.

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Top 10 Ways to Build a Customer-Centric Organization & Profitable Business

Pretium Solutions

Satisfied customers aren’t enough. To drive profitability you must generate customer loyalty and orient your entire organization around that mission. Real customer loyalty is not a short-term proposition; rather, it is a long-term commitment to your products or services, company or brand. In order to create and build Loyal Promoters and improve customer retention , your company must be customer-centric. Focus on Generating Customer Loyalty.

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Top 10 Ways to Build a Customer-Centric Organization & Profitable Business

Pretium Solutions

Satisfied customers aren’t enough. To drive profitability you must generate customer loyalty and orient your entire organization around that mission. Real customer loyalty is not a short-term proposition; rather, it is a long-term commitment to your products or services, company or brand. In order to create and build Loyal Promoters and improve customer retention , your company must be customer-centric. Focus on Generating Customer Loyalty.

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Happy Holidays from Blue Ocean

BlueOcean

Thanks to emerging customer support channels like social media and live chat, as well as evolving technologies like speech recognition, there are more ways than ever for customers to initiate (and resolve) a service inquiry. And when they have options at their fingertips, customers are showing a growing preference for self-service options using automated IVRs, knowledge bases, or simply Googling a problem and solution.

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Recurring Revenue: A Beginners Guide

SmartKarrot

This forces you to focus more on attracting new customers than retaining existing customers. The focus shifts towards finding a balance between acquiring new customers and retaining existing ones. Retaining existing customers is five times cheaper than acquiring new ones.

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7 Tips to Maximise Your E-Commerce Customer Service

ProProfs Chat

All those opportunities will only come knocking at your door when you nurture your existing customers by providing best customer service. Your competitors are smart, and they are always going to try and pry your customers away from you. However, in this rat-race, some businesses fail to look after their existing customers, and that’s where things start spiraling downwards. Providing the best customer service will. Improve your customer retention rate.

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Customer Lifetime Value: An Ultimate Guide

ProProfs Chat

Customer lifetime value (CLV) is calculated in business marketing strategies to see the bigger picture. For businesses looking to acquire and retain valuable customers, understanding the lifetime value of a customer is important. Historical Customer Lifetime Value.

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Validating Your Outsourced Customer Care Partnership: Is Your Incumbent “Still the One”?

BlueOcean

For clients with complex care scenarios – whether that is enterprise customer success management or providing critical support direct to consumers – change is never taken lightly. Is your partner focused on metrics that help you assess and elevate customer loyalty or promotion and advocacy?

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6 Customer Onboarding Strategies Your Success Team Must Implement

Totango

You’ve won a great new customer and it seems like it’s time to celebrate. Some companies don’t realize that to develop long-term relationships with customers, there’s an important retention step that comes after the transaction: customer onboarding. New customers need to see how your product or service makes a difference in their lives, and they need to see evidence of this value soon. 6 Customer Onboarding Strategies to Retain Customers.

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4 Reasons Why Call Tracking is Crucial to Your Customer Service Targets

CSM Magazine

The approach to customer service has completely shifted in recent years. Now, 54% of customers have higher expectations for customer service compared to one year ago, which has left many organizations reviewing their operations to meet targets. Call tracking makes it possible to monitor exactly which online marketing channels are driving phone calls and customers to your business. See the Customer Lifetime Value. Retention and Return Rates.

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AOV vs. LTV: Why Customer Lifetime Value Matters

ProProfs Chat

All of these eCommerce strategies work toward the same goal: getting customers to buy more on each visit, increasing the average order value. But what about increasing the lifetime value of your customers? Focusing on increasing order value is important to boosting revenue, but increasing the lifetime value of your customers is critical to long term success of your brand. After all, the higher your order value the fewer customers you need to acquire.

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7 Ways Customer Service Can Support Sales

Tricia Morris

If your brand focuses on consistent and authentic customer service and engagement both before and after the sale, a one-time customer can become a lifetime customer who also creates additional customers. But often, there is a disconnect between sales and customer service where the two don’t work together to attract new customers and keep current ones. companies alone each year due to poor customer service experiences.

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How to live happily ever after with your customers

LiveChat

A customer fell in love with your product, you made a deal, signed a contract, and now you both hope for many years together. But along the way, it’s easy for a customer to be amazed by the competition and try their service. So, what do you do to keep your customers engaged over the years ? Truly know your customers and tailor communication. “If If customers are the lifeblood of a business, then the database is its heart. Maintain great customer relationships.

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Customer Engagement Strategies: How to Live Happily Ever After with Customers

LiveChat

A customer fell in love with your product, you made a deal, signed a contract, and now you both hope for many years together. But along the way, it’s easy for a customer to be amazed by the competition and try their service. So, what do you do to keep your customers engaged over the years ? Customer engagement strategies. Customer engagement is the process of actively nurturing and managing relationships with customers. So it happened.

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10 Customer Segmentation Examples for B2B Businesses

SurveySparrow

Need some real-world customer segmentation examples to better market and grow your B2B business? The first task a marketer should do, for any kind of business, is customer segmentation. In this article, we’ll cover: B2B customer segmentation definition.

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Ethical Dilemmas in Business: A Guide for Customer Success Teams

SmartKarrot

Detailed and established ethical standards can help your business significantly increase credibility and reliability amongst existing and potential customers by establishing credibility and trust. Ethical Dilemma Examples In Business That Customer Success Teams Should Avoid: 1.

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Top 150 Global Customer Experience Thought Leaders and Influencers of 2020

SurveySensum

The Super-Heroes of Customer Experience are here! Customer Experience – The new focus of 2020! Customer Experience has become a top priority for businesses in 2020. Meet the Top 150 Global Customer Experience Thought Leaders and Influencers of 2020.

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Top 50 Customer Success Influencers 2021

SmartKarrot

The evolving field of Customer Success owes its origin and rapid rise to a passionate community of pioneers, proponents, and practitioners. Without further ado, here is presenting to you our Top 50 Customer Success Influencers for 2021. Customers are nothing but normal people like us.

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Customer Experience (CX): Frequently Asked Questions

SmartKarrot

A lot has been said and written about customer experience and still, there are tons of questions on CX. This article attempts to answer some of the most frequently asked questions on customer experience. What is customer experience? Why is customer experience important?