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? There is no one contact center KPI that can totally predict a given customer lifespan.

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? Customers today have changed. Forty four percent of customers stop doing business immediately after a less than satisfactory experience and another 15% exit as soon as their contract is up!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

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

BlueOcean

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. To preserve customer loyalty and sustain healthy CSAT scores, your contact center partner needs to have the right systems and safety nets in place. 4 Ways To Preserve Customer Loyalty When Call Volume Spikes from Blue Ocean Contact Centers.

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.

ROI 139

4 C’s of CX Culture: How Well is Your Company Doing?

Experience Investigators by 360Connext

What is a Customer-First Culture, and Why is It Important? There are plenty of noble reasons for wanting to create great customer experiences. It’s a fact that delivering a great customer experience makes brands’ bottom lines brighter, too. The Ideal Customer Journey.

When The Customer Is Wrong – Should The Business Be Right?

Michelli Experience

In 1909 Harry Gordon Selfridge, the founder of Selfridge’s department store, is credited with saying, “The customer is always right”. Through the years, a number of my colleagues and I have emphasized that the customer is not always right but they are always the customer. I’ve come to believe that in order to be truly successful deploying a customer-experience strategy, you fundamentally have to believe: In general, customers are honest and fair.

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.

Are You Using 1999 Metrics to Measure 2019 Customer Care?

BlueOcean

Those metrics were born in an era when customer service was a race, where whoever got to the finish line first (i.e. off the phone) – upsetting the least number of hurdles, extra points for a graceful gait – was the champion, the most successful, the most likely to win “customer service agent of the year.”. 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.

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. And since this is my blog, I’ll submit my own definitions: Customer service is a voluntary act that demonstrates a genuine desire to satisfy, if not delight, a customer. Customer experience (CX) is the product of any interaction between an organization and a customer. If the customer service quality was stellar (e.g.,

CEM 48

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. Tune into the C-suite, and you’ll hear different beliefs and drivers for being customer-centric: It’s about our moral obligation to treat customers as we want to be treated. It’s about loyalty economics: we can reduce churn and improve lifetime customer value. Customer Experience CX

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: .

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? Thanks means communicating gratitude in a fashion that makes customers feel your authenticity. Great customer service is not “rocket surgery!”

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

ShepHyken

This week we feature an article by Lukas Sitar who writes about growing and sustaining customer lifetime value for the entire customer cycle. While many marketers look at metrics like conversion rates, net profit per sale, average value of a lead, and average customer order, they often overlook their customer lifetime value. But just what is customer lifetime value ? The challenge really lies in growing customer lifetime value.

Delivering Customer Experiences that deliver Value

CloudCherry

You might think that your business is delivering great experiences to customers, but are customers actually finding value in it? It tells you if you’re actually doing the right things, whether the initiatives you take impact the customer as well as your business in a positive way and also cut down on investments that aren’t delivering the expected returns. Merely investing in a Customer Experience Management tool doesn’t suffice. Customer Experience

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

Totango

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. Customer success is ensuring the customer achieves value from your product. Customer success is focused on the result of the customer experience. .

10 Things Every SaaS Business Should Know About Net Promoter Score

Wootric

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. As a SaaS company with SaaS customers like Zoom, DocuSign and Hubspot, we have a unique perspective on NPS in cloud software. One of our SaaS customers has two unique user types — restaurant owners and the wait staff. Your customers and employees will follow.

Churn Signals to Watch For: Non-Transactional Elements

Optimove

Predicting when a customer is about to leave is certainly not an easy job. But with the ability of marketers to identify “churn signals” before it’s too late, they can proactively communicate with customers, send them relevant offers, and entice them in various ways to remain active.

Guest Post: 5 Lessons Your Customer Service Team Can Learn From Disney

ShepHyken

She shares tips and tricks on how to create a Disney-like customer service experience. Delivering excellent customer service is an art. This era belongs to creating valuable and stellar experiences for the customers. Customer service is the most important aspect of any business.

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.

Help Customers on the Support Journey and up the Loyalty Ladder

Kayako

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. Imagine a world where reply time, a pillar of customer support metrics, wasn’t the critical factor — but it was customer context? Why is context missing from customer support journeys? CEB found that 96% of customers who exert high effort to resolve their problems become disloyal.

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

NewVoiceMedia

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. So, no matter how superb your product or service is, eventually you’ll need to find an answer the following question: How should you compensate a customer for a service or product failure? Solving an issue with a customer isn’t about fairness or justice.

Customer Engagement Solutions for the Customer-Centered Economy

Totango

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. Today, you need to understand what is going on behind your customer’s doors. You need to employ customer engagement solutions that let you know how your product is being consumed on a day-to-day basis. Defining Your Customer.

Meet your first wave speakers for Customer Success Summit 2018

Totango

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.

Five Ways to Create Customer Loyalty

ShepHyken

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. The concept of repeat business, and ultimately customer loyalty is huge. If when you take away the perks and the rewards, you may lose the customer, then what you really have is a marketing program.

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?

Delivering Customer Experiences that delivers Value

CloudCherry

You might think that your business is delivering great experiences to customers, but are customers actually finding value in it? It tells you if you’re actually doing the right things, whether the initiatives you take impact the customer as well as your business in a positive way and also cut down on investments that aren’t delivering the expected returns. Merely investing in a Customer Experience Management tool doesn’t suffice. Customer Experience

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. 80% of businesses believe they provide “superior” customer service. But only 8% of their customers would describe the service they’ve received in such glowing terms. Not one of those had anything to do with customer service!

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. 80% of businesses believe they provide “superior” customer service. But only 8% of their customers would describe the service they’ve received in such glowing terms. Not one of those had anything to do with customer service!

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

Totango

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. Upsells are the result of the growth a customer has enjoyed because of your commitment to delivering lifetime value. Customer success upsells are critical to your own success.

What are the Benefits of Customer-Centricity?

Totango

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. In his 2016 letter to Amazon shareholders , Bezos describes the preservation of this day 1 feeling as the biggest driver for pursuing a customer-centric approach. He believes customers desire “something better” and that your business needs to provide that kind of continued value.

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

Totango

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. It is a process of analyzing the past and monitoring the present in order to predict the future and foster customer lifetime value. . You need to nurture your customers so that both of you enjoy a recurring yield.

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

Totango

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?

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

Bold360

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. At the same time, they are having to address evolving customer expectations, digital transformation, multiple online channels, and emerging CX capabilities enabled by mobile apps, chatbots, social media messaging, and more. Offer channels your customers want and now need.

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

Bold360

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. Uncertainty and anxiety have catalyzed a flood of customer questions and calls into service centers. Today’s stressed customers don’t want to wait in long queues or get stuck in automated systems that are overloaded and overwhelmed.

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.

How to Calculate Your Customer Renewal Rate

Totango

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.

The User Adoption Metrics That Matter for Your Customer Success Team

Totango

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.