This blog has a collection of highly popular articles that appeared on the internet in the last quarter and have been carefully selected by our curators and presented to customer-obsessed leaders. We hope that these resources will offer customer retention leaders like you with great insights as we move into 2019. Enjoy reading!
The cost of retaining customers will vary by industry, but according to research, it’s clear that retention is cheaper than acquisition. The cost of bringing a new customer up to the same level of profitability as an old one is up to 16x more. Loyal customers purchase more regularly and in greater quantities and also feel that your business is more likely to listen to their requests and provide superior service. So, offer them discounts on regular basis to encourage repeat business and make them stay with you forever.
Following are a few popular articles on customer retention, which our curators found on the internet in the last quarter.
- 100 interesting stats and predictions for customer retention leaders
- Don’t spend 5 times more attracting new customers, nurture the existing ones
- 4 ways to ease your customer retention woes
- Looking for ways to improve your customer retention rate? Here’s one that just takes 30 minutes
- Eliminate churn forever in 5 simple steps
- Embrace Proactive Engagement to Reduce Churn Risk
- How can telecommunication companies fight evolving churn and boost company revenue?
- 8 ways to use AI-powered NPS to improve business
- 5 innovative ideas to boost customer retention and SaaS renewals
- Why retention marketing is more important than customer acquisition
Customer Lifetime Value:
Customer lifetime value (CLV) is one of the most important performance metrics for any business. It is the projected amount of revenue a customer will generate over their lifetime in your business. Improving the customer journey has the potential to not only increase customer satisfaction by 20%, but also to lift revenue by up to 15% while lowering the cost of serving customers by as much as 20%.
- Optimize your customer journey
- How customer value affects your business
- How focusing on customer lifetime value can drive growth
- How mapping the customer journey can improve CX
- 3 ways to rethink customer relationships in the age of the consumer
- The impact of understanding customer acquisition costs and customer lifetime value
- Enhancing the customer journey even when you’re not in the driver’s seat
- Who should lead your customer journey mapping practices?
- Why customer journey mapping + journey analytics = 5-star customer experiences
- If you think the customer journey is linear or a funnel, new research suggests you are wrong
According to Accenture, the business costs of poor customer experiences can be as much as $1.6 Trillion from U.S. consumers who switch their service to a different brand or service provider. People who receive tedious experiences from a company start talking about their experiences with others, resulting in reputation damage for the company. So companies who demonstrate a continuous pursuit of excellence in customer experience reap not only long-term customer loyalty but also positively impact revenue growth.
- Customer experience tools and trends 2018
- Are you measuring part or all of the customer experience?
- How to sustain customer experience improvements: Removing pain or reducing effort is not enough
- How to improve customer experiences with real-time analytics
- Are your customer experience metrics setting you up for success?
- Customer experience metrics, through a new lens
- No customer left behind: How to drive growth by putting personalization at the center of your marketing
- Does your CMO have the necessary tools to perfect the customer experience?
- Customer experience index reveals brands lack human connection
- Top 5 customer experience (CX) predictions for 2020
According to McKinsey, an unhappy customer tells 9-15 people about their bad experience. It is bad enough losing business because you provided one single customer with a low level of service, but how about losing 15 more customers as a result? Customer satisfaction can have a massive impact on your business growth; hence appropriate care must be taken to ensure problems are dealt with.
- 18 myths about customer satisfaction
- 5 key steps to increase customer satisfaction
- How effective is the customer satisfaction (CSAT) metric?
- How to measure your customers’ happiness score (and why that matters)
- How to build a successful business around your best customers including the ones who work for you
- 3 ways to use your data to drive personalized customer experiences
- How innovation can pave way for customer satisfaction in the healthcare industry
- The how-to: Improving customer satisfaction with digital leadership
- How banks can use personalized services to increase customer satisfaction and compete with fintechs
- Maintaining customer satisfaction with state-of-the-art technology
According to a research, 71% of consumers have ended their relationship with a company due to poor customer service. Needless to say, providing the best customer service influences your customers’ purchase decisions, even more than the price and quality. And the only way to win over competition is to put your customers as the main priority while creating your business development strategy.
- Customer service story – The forgotten bag
- How to build a strong customer service culture
- 4 simple strategies that will help you offer excellent customer service
- 5 signs your customers have questions you aren’t answering
- Infographic: Four examples of genuinely great customer service
- Personalize customer service to boost sales opportunities
- The undeniable need for superior customer service each time, every time
- Google finds customer service beats loyalty programs
- How AI, machine learning and other disruptive trends are defining the future of customer service
- Customer service operations rest on mature technologies, but emerging ones add differentiation
We hope that these handpicked resources will offer you fresh insights on the best practices, tips, techniques, and use cases for improving customer lifetime value, customer experience, customer satisfaction, customer service, and customer retention.