Convincing existing customers to stay loyal, as well as getting new customers, is a major challenge for many businesses. It’s better to use our valuable time on customer retention strategies instead of fighting a battle to constantly replace them with new customers.
This edition of Customer Retention Perspectives features some of the popular resources compiled by our analyst team for busy customer retention professionals like yourself!
Statistics show the advantages of customer retention. Existing customers are 50% more likely to try new products and spend 31% more money compared to new customers. Despite this overwhelming evidence, only 18% of companies make retention one of their top initiatives.
But there is hope. Advanced analytics delivered through artificial intelligence (AI) offer a new way for retailers to glean customer insights from their data. AI sharpens the four data lenses that can be used to provide vivid snapshots of each individual customer. These data lenses are demographics, psychographics, behavioral patterns, and intent.
How To Master Customer Retention Using Artificial Intelligence https://t.co/pP8DBCFWft
— Scott Monty (@ScottMonty) November 17, 2017
Some industries live or die based on holiday business. Other industries, like tax preparation, follow a calendar with completely unique crunch times. Some businesses are seasonal and see a boom in the summer and a bust in cold months, or the other way around. However, one thing unites us all: a very real need for effective customer retention strategies.
If you invest time in devising and implementing customer retention strategies, then your holiday seasons can actually be both more profitable and more pleasant. Here’s how to do it.
— BBB NW (Oregon) (@BBBOregon) November 18, 2017
[Infographic] 5 Ways to Drive Customer Retention Actions with VOZIQ’s Predictive Text Analytics Solutions
Acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing customer, according to various studies. In recurring revenue businesses, retention rates have a huge impact on business proﬁtability in many ways.
Check out the 5 ways to reduce customer churn signiﬁcantly in recurring revenue businesses such as telecoms, cable and internet, insurance, home utilities, and healthcare.
— VOZIQ (@voziq) November 21, 2017
Customer experience is not a new idea, however, the proliferation of digital technology and an abundance of choice has empowered customers more than ever before.
It’s important to remember that amazing customer experiences are driven by appealing company culture and true dedication to immaculate service. All the fanciest tech in the world cannot solve broken principles. With those words in mind, check out the 7 mighty customer experience trends to inform your retention strategy in 2018.
The 7 #CX trends you need to know if you want to master #retention. @Sam___Hurley @BrennerMichael @JeffBezos @SPNlocal @mormester @Tiffani_Bova @iconiContent @adamfout2 https://t.co/vCEqpRQzpX pic.twitter.com/ns1xXULJD7
— PostFunnel (@PostFunnel) November 27, 2017
In the early days of your product, your new customers make up a high proportion of your customer base; so your average churn looks really high. However, over time, new customers make up a smaller and smaller proportion of your customer base. As a result, your average churn should decline over time. Therefore, if your base churn is holding steady, it’s highly likely in reality that you have a churn problem.
So what’s the best way to measure churn? Check out the article to find out
— Adweek (@Adweek) November 14, 2017
We hope that you had a great time reading these popular articles on Customer Retention.
Let us know your suggestions, as well as any useful articles we may have missed in the comments below.