50 Handpicked Resources for Customer Retention Leaders – October 2018 Edition

 

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!

Customer Retention:

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.

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%.

Customer Experience:

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 Satisfaction:

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.

Customer Service:

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.

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.

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