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. Can Any One Contact Center KPI Boost Customer Lifespan? Customer Effort Score (CES).

Can You Afford NOT to Offer a Lifetime Customer Experience Warranty?

Wired and Dangerous

Lifetime warranties are a common feature of the product world. Lifetime warranties, as opposed to limited warranties, are designed to be bold statement communicating confidence in a product. What would a lifetime warranty look like for a customer service experience?

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4 Ways To Preserve Customer Loyalty When Call Volume Spikes [SlideShare]


From extreme weather to product recalls, there’s an infinite number of scenarios that will flood your contact center in an instant, resulting in increased average handle times, wait times, and customer frustration. Customer Service Outsourcing Lifetime Customer Value

The True Cost of Losing a Customer


One negative customer experience may seem like a drop in the ocean of all your customer interactions, but it’s never that simple. But if that interaction also results in a negative experience, the customer support experience can become the straw that breaks the camel’s back.

Episode #2 – The ROI of Focusing on the Customer Experience - Transforming the Customer Experience

Kristina Evey

This episode focuses on the ROI of the Customer Experience using real world examples. Using the lifetime value of your customer is extremely important for everyone within your organization. If you don’t know your average lifetime customer value, I’ll walk you through how to determine that number here and what it can bring or cost your company. This episode focuses on the ROI of the Customer Experience using real world examples.

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Are You Using 1999 Metrics to Measure 2019 Customer Care?


Those metrics were born in an era when customer service was a race, where whoever got to the finish line first (i.e. How do we use that data to improve the customer experience? Changing this approach and perspective is the first step in becoming a brand that your customers love.

Top 3 Ways to Turn Customer Feedback into Customer Advocacy


Positive word-of-mouth, customers and clients who advocate for your products and services, customers who stay for life and tell everyone they know about your company — this is what all businesses strive to achieve. In fact, we all want the magic bullet that drives the customer advocacy growth flywheel. Why Customer Advocacy? Increase Revenue — Loyal customers spend 67% more than new customers. Reduce Churn — Loyal customers stay with you longer.

10 Things Every SaaS Business Should Know About Net Promoter Score

Wootric CX Blog

Your colleagues in the SaaS world tell you that it’s the best way to take your customers’ pulse. It’s true that Net Promoter Score is a great way to engage with your customers and solicit tons of feedback. Here’s a look at how you can customize segments in Wootric.

Demystifying customer experience

Customer Enthusiast

I was recently asked to clarify some service industry terminology that’s being used, often interchangeably, to describe customer experience. Customer experience (CX) is the product of any interaction between an organization and a customer.

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To drive meaningful customer experience improvements, start with your why

Vision Critical

Customer Experience (CX) is a messy space. Seasoned managers know that CX business cases can fall over despite listening intently to the voice of the customer. It’s about loyalty economics: we can reduce churn and improve lifetime customer value. Customer Experience CX

Guest Blog: How Should You Grow and Sustain Your Customer Lifetime Value?


This week we feature an article by Lukas Sitar who writes about growing and sustaining customer lifetime value for the entire customer cycle. But just what is customer lifetime value ? The challenge really lies in growing customer lifetime value.

Gratitude – Important for Independence Day and A True Measure of your Service Warmth*

Wired and Dangerous

It is always important and never more so than in today’s tough economy to make sure customers know unmistakably that you do not take them for granted. If all your customers exited tomorrow (which they certainly could), how well would you fare the day after tomorrow?

Customer Experience vs Customer Success: What’s the Difference?


The way you feel as you travel versus when you arrive at your destination is a great metaphor for the distinction between customer experience vs. customer success. Customer experience refers to the feelings, emotions, and perceptions customers have when using your product.

Delivering Customer Experiences that deliver Value


You might think that your business is delivering great experiences to customers, but are customers actually finding value in it? Merely investing in a Customer Experience Management tool doesn’t suffice. Bridge customer comments with their actions.

Happy Holidays from Blue Ocean


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. Which Customer Service Predictions Came True from 3 Years Ago.

Help Customers on the Support Journey and up the Loyalty Ladder


Think about your ideal experience as a customer. When customer service is like that, you don’t think about excessive effort, and endless back and forth communications. Why is context missing from customer support journeys? Asking the customer less.

Customer Engagement Solutions for the Customer-Centered Economy


Your customers should be your greatest obsession. The digital transformation of business has created a customer-centered economy built on subscriptions, personalized services, and new definitions of customer loyalty. Defining Your Customer. Customer Engagement Solutions.

When things go wrong, how should you make it up to your customers?


No company wants to fail their customers, but at some point it’s going to happen. You’re going to mess up, or bad luck will mess you up, or a supplier will mess you up in the eyes of your customer. Solving an issue with a customer isn’t about fairness or justice.

Future-Proofing Customer Experience (CX) for a Digital-First ‘New Normal’


The term “customer experience” (CX) doesn’t seem to have a standard definition, but it’s often used interchangeably with customer journey, brand perception and customer engagement. omnichannel engagement) across the entire customer journey.

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Five Ways to Create Customer Loyalty


It’s been a while since I approached the topic of customer loyalty. All of the tips, ideas, tactics, and techniques I write about are about driving a better customer service experience, which can (and hopefully will) lead to customer loyalty.

Customer Success and Upsells: How to Make the Most of Opportunities


When your goal is to grow your customer’s business, upselling becomes a means, not an end. That’s the advantage of working within a customer-centric environment. Your success depends on your customer’s success, so expansion becomes a necessity for both parties.

Delivering Customer Experiences that delivers Value


You might think that your business is delivering great experiences to customers, but are customers actually finding value in it? Merely investing in a Customer Experience Management tool doesn’t suffice. Bridge customer comments with their actions.

Episode 004 – It’s All About the Money - Transforming the Customer Experience

Kristina Evey

It’s 2018 now… that means that 89% of companies are aware of CX, what it is, and are trying to use it as the tipping point to gain customers. Back in 2015, customer relationships were ranked =THIRD of top challenges for CEOs, stated by AMA in 2016.

Episode 4 – It’s All About the Money - Transforming the Customer Experience

Kristina Evey

It’s 2018 now… that means that 89% of companies are aware of CX, what it is, and are trying to use it as the tipping point to gain customers. Back in 2015, customer relationships were ranked =THIRD of top challenges for CEOs, stated by AMA in 2016.

CX Now: What Is Natural Language Processing (NLP) and Why Is It More Important Than Ever?


As the COVID-19 global pandemic continues, customer experience (CX) is experiencing a double-whammy. On the customer side, there’s a higher volume of need and more urgency around getting those needs met fast.

What are the Benefits of Customer-Centricity?


Imagine if you could give your customers that “day 1” feeling of excitement and potential throughout the entire customer journey. That’s the goal Amazon CEO Jeff Bezos has for his customers. 3 Benefits of Customer-Centricity . Increase existing customer value.

What is ‘Effective Customer Engagement Strategy’ in the Age of COVID-19?


Customer experience (CX) is fast overtaking price and product as a key brand differentiator. Companies are scrambling to keep pace with the shifts in customer behavior since the outbreak of COVID-19. Offer channels your customers want and now need. good customer service).

Proactive Customer Success Strategies that will get You Ahead of the Game


Proactive customer success means focusing on what is going to happen next. It is about making things better, taking things further, and using your understanding of your customers to prepare them for the next phase of their business growth. Making customers feel valued and heard.

Redefining Customer and Employee Engagement During COVID-19: How Chatbots Can Help


The ongoing COVID-19 pandemic is having massive impacts on how companies engage with their customers and employees. No matter how the crisis evolves, customers and employees still expect to receive a high level of service that’s responsive to their needs.

Meet your first wave speakers for Customer Success Summit 2018


Customer Success Summit brings together the best and brightest minds in Customer Success. Our world-class speaker lineup for 2018 Customer Success Summit will share the impressive business results that customer success best practices should deliver. VP, Global Head Digital Customer Engagement. She has successfully designed and implemented customer-focused initiatives and creative customer engagement programs across multiple sectors of technology.

5 SaaS Renewal Process Best Practices for Customer Retention


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. Customer retention is about the promise of continued growth. Understand your customer’s journey.

CX Tech to Grow Your SMB in 2018

Smarter CX

Creating a great customer experience (CX) is one of the most effective business objectives you can set for your small or medium-sized business (SMB). However, there’s a limit to the type of customer experience you can build without technology. SMB Customer Experience

Chasing Unicorns: Is It Possible to Have a Strategic Partnership with Your Contact Center?


And a partner can make decisions with a comprehensive understanding of what’s important to your organization and your customers. These metrics are important, but the other side of the ledger is the customer experience – and lifetime customer value.

7 Customer Success Team Goals for Your Enterprise in 2019-2020


Realizing lifetime value from your customers is about generating lifetime value for your customers. That’s the central tenant of the customer success approach to business. It represents a shift away from thinking of customers as point-of-sale pursuits and toward regarding them as ongoing relationships that require continuous nurturing. . So, what customer success team goals can help your enterprise generate real results?

The Best Customer-Centric Uses of Data


Becoming customer-centric —putting the customer’s needs and interests at the center of your goals and processes—is impossible without customer data. You need customer data to track progress toward goals, deliver on promises, and continually upgrade your product.

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. Providing the best customer service will.

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How to Calculate Your Customer Renewal Rate


The rate at which your customers extend their relationship with you determines how fast and how far your enterprise can grow. As such, being able to accurately calculate your renewal rate gives you insight into your customer success team’s performance. Customer expectations are higher than ever, and if you can’t deliver lifetime customer value, then a relationship you’ve worked hard to build may just end in churn. A Guide to Calculating Customer Renewal Rate.

9 In-App Messaging Examples That Boost User Engagement


At Gainsight, we believe that cultivating lifetime customers requires two things: value from your product/service and a great experience throughout the customer journey. In-app messages are popping up everywhere and SaaS products are no exception.

The User Adoption Metrics That Matter for Your Customer Success Team


Your user adoption metrics create a silent, unending conversation between your enterprise and your customer. They are invaluable in helping you understand the results your customers are getting from your product. And in today’s customer-centered economy , there’s nothing more important than generating real value for your customer. Adoption is about more than just usage; it’s about helping your customer get the most out of your services.

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


It fills me with no joy to have to write a post about companies that have delivered unacceptable Customer Experiences. 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.