Customer Think

APRIL 16, 2023

With ongoing shifts in the economic climate, customer retention continues to be a main focus—and in many cases, it has become even more important in 2023. According to a report by Twilio, in the face of recession, 67% of businesses are shifting focus from customer acquisition to customer retention.

Acquisition 111

Acquisition 111

Help Scout

MAY 12, 2021

Great customer service delivers real business value. Even so, it can be difficult for empathetic customer service staff to think about customers in terms of business revenue. It somehow feels more “fair” to treat every customer equally, being helpful and responsive without regard to the money involved.

Finance 116

Finance Account Management Business Growth Communication 116

Account Manager Tips

MAY 29, 2021

Research by Frederick Reichheld of Bain & Company (the inventor of the net promoter score ) showed increasing customer retention rates by 5% increases profits by 25% to 95%. If you want to smash your customer retention targets this year, read on (or if you prefer, listen or download). If you don't use a CRM.

Negotiation 130

Negotiation Decision-making Suppliers CRM 130

Customer Think

NOVEMBER 14, 2022

Customer retention for a brand like Heineken may seem easy. So, B2B customer support is key to Heineken’s growth. During the podcast interview, Stephan Visser provided insight into their customer retention strategy. Beer giants wanted to improve relationships with B2B customers. So, […].

B2B 100

B2B 100

Apptivo

DECEMBER 1, 2021

This statement is a powerful one that defines the complete relationship between a company’s employees and their customers. Employees bridge the gap between customers and a business. As a matter of fact, it emphasizes the key role employees play to bring in new customers and improve customer loyalty.

CRM 98

CRM Software Software Organization 98

Customer Think

DECEMBER 31, 2021

It is much cheaper to get repurchases from current and former customers than it is to find new customers. Returning customers also spend more money and contribute to word-of-mouth marketing.

Marketing 108

Marketing 108

Zendesk

APRIL 5, 2022

According to the Zendesk Customer Experience Trends Report 2022 , 61 percent of customers would leave a company for its competitor after just one bad experience—a 22 percent jump from last year. It’s now more important than ever for support teams to track customer retention metrics. Customer churn rate.

Retail 98

Retail Acquisition Customer Experience Prioritization 98

NG Data

JUNE 25, 2023

A Definition of Customer Retention Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. It is important to remember that customer retention begins with the.

Organization 40

Organization Leadership 40

Customer Think

JANUARY 26, 2022

We are always on the lookout for thoughts and insights from masterminds on the customer experience delivery and retention best practices. Books inspire our minds, offer more and novel perspectives, and help us identify new opportunities with a shift in attitude. In this spirit, we share with […].

Customer Experience 111

Customer Experience 111

Groove HQ

MARCH 31, 2020

How we executed a super simple customer retention strategy to retain 10% more customers. The post This Easy Customer Retention Strategy Increased Our Annual Subscribers by 10% appeared first on Groove Blog.

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130

Customer Think

APRIL 28, 2023

Customer retention is one of the most critical aspects of business success. After all, you’ve already put in the hard work to acquire customers, so it makes sense to do whatever it takes to keep those customers around. But how can you go about doing that? Sometimes, it pays off to think outside the box […]

Digitalization 72

Digitalization Marketing 72

Customer Think

AUGUST 19, 2021

This is why more businesses are exploiting the advantages of email marketing to reach customers. Email marketing is so important to customer retention that you’re missing […]. According to Statista, that number could reach an estimated 4.5 billion by the year 2024. The reach that email marketing offers is massive.

Marketing 89

Marketing Digitalization 89

Customer Think

FEBRUARY 13, 2023

Leverage customer data and learn from segments to GROW RELATIONSHIPS WITH CUSTOMERS through your DTC channel. If you’re a marketer, it’s important to focus on acquiring the right customers. So how do you know who the right customers […]

Marketing 128

Marketing 128

Nutshell

DECEMBER 21, 2022

In other words, the things a sales rep needs to know to attract new customers. Smart salespeople know that the initial sale is small potatoes compared to the numerous sales they can make in the future if they learn to retain their current customers. So today, we’re diving deep into the world of customer retention.

e-Learning 71

e-Learning Sales Banking B2B 71

Customer Think

OCTOBER 18, 2021

Image by Stories Cohort analysis is a metric that can be used to measure customer retention and analyze the success of customer acquisition strategies. This article will provide an overview of this metric, and show you how to apply it in your own business. What are the 2 types of cohort analysis? Type 1 Cohort […].

Acquisition 80

Acquisition 80

Customer Think

DECEMBER 6, 2022

Image source: Pixabay.com Customer satisfaction is one of the most important factors in building a successful eCommerce business. Ensuring customers are happy at every stage of their interactions with your company is essential to converting them into regular buyers.

eCommerce 69

eCommerce Prioritization 69

Customer Think

APRIL 7, 2023

This goes on to prove that with every customer concern, businesses get an opportunity for retention. Strong competition and the volatile nature of customer expectations are two things that drive the risk of churn. […]

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64

Apptivo

JUNE 21, 2023

Businesses realize that it’s essential to draw in prospective customers in order to expand their enterprise and make it viable. Maintaining good relationships with the existing customer base plays a prominent role in customer satisfaction , thereby increasing the percentage of retention rate.

CRM 52

CRM Customer Experience Software Software 52

Outbound Engine

SEPTEMBER 27, 2018

Why is it that we spend money on customer acquisition marketing when customer retention marketing works so much better? We can all agree that customers are the most important part of any business. After all, without customers, there would be no business! Customer retention marketing stats. Get It Now!

Acquisition 80

Acquisition Marketing Publishing Profitability 80

Help Scout

AUGUST 22, 2023

Learn how Litmus increased customer retention rate and efficiency by centralizing all customer communications with Help Scout. Read the full article

Communication 45

Communication 45

Customer Think

AUGUST 29, 2021

When you have invested the time and money to acquire a brand-new customer, you lose on the full revenue capacity of that individual if they leave, or churn, earlier than preferred. By minimizing the rate of churn, companies prosper and grow quicker. When most companies think about how to speed up growth, generally their first […].

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139

SBI Growth

MARCH 27, 2020

It costs seven times more to attract new customers than it does to retain existing ones. Research also shows that a 5% increase in customer retention can generate up to 125% in profits. Given the current economic conditions, customer retention is.

Customer Success 103

Customer Success Profitability Customer Experience B2B 103

Tidio

FEBRUARY 26, 2021

The great entrepreneur recognized that customer retention begins with a genuine relationship. His customer retention strategy will work for your business, too. In this guide: What customer retention is and why it matters for your business. 8 customer retention strategies to build authentic relationships.

eCommerce 52

eCommerce Acquisition Communication Retail 52

Customer Think

FEBRUARY 22, 2023

All companies want to build products and deliver support that delights customers. But there’s often a disconnect between what business leaders think customers want and what customers actually need. Using intuition or instinct to guess what customers need rarely works. fail […]

Customer Experience 132

Customer Experience Innovation 132

SBI Growth

APRIL 17, 2020

Appointing a Chief Customer Officer Who Owns the Retention Number. Corporate leaders around the world are all reacting to the tragic events and economic impact of the past few months. In order to weather the storm and come out on top.

Customer Experience 85

Customer Experience Customer Success B2B Marketing 85

Outbound Engine

MAY 20, 2020

Right now, many small business owners are worried about keeping in touch with their customers when they can’t connect in person. Loyal customers are perhaps your most valuable resource — but only if you can activate them. What’s the difference between customer retention and customer loyalty?

Construction 61

Construction Small Business Marketing Communication 61

SBI Growth

MAY 23, 2018

“Our customer retention is excellent. We only lose 5% of customers per year, so our retention is 95%.”. Does this sound familiar? If so, you have probably also been caught off guard when your board double clicks on this number.

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72

Help Scout

AUGUST 22, 2023

Customer support is fighting a negative public perception, and high turnover rates, but there is a solution and it takes less work than you think. Read the full article

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75

Customer Think

AUGUST 15, 2023

Customer retention is essential for the long-term success of any business. We all know that happy customers are more likely to make repeat purchases, provide positive reviews, and refer others to your business. But how do you keep customers happy? Here are some of the best strategies to retain your customers.

52

52

Zendesk

MAY 12, 2021

Businesses work hard to attract customers, and keeping them around takes just as much effort. According to the Zendesk Customer Experience Trends Report , half of customers say they would switch to a competitor after just one negative experience—that number grows to more than 80 percent after multiple bad experiences.

Software 52

Software Software CRM Advertising 52

DemandFarm

AUGUST 31, 2023

In the business world, customer success management is no longer an afterthought; it’s a necessity. Consensus across research confirms: retaining existing customers costs 5 to 25 times less than acquiring new ones. Success lies in a tailored, strategic approach to customer success management. The changes?

Key Account Management 52

Key Account Management Account Management Customer Success Management 52

Nutshell

OCTOBER 7, 2020

In other words, the things a sales rep needs to know to attract new customers. Smart salespeople know that the initial sale is small potatoes compared to the numerous sales they can make in the future if they learn to retain their current customers. So today, we’re diving deep into the world of customer retention.

e-Learning 71

e-Learning Sales Banking B2B 71

The Congruity Group

AUGUST 22, 2022

Meet Tony Sternberg, Co-Founder & CEO of ProsperStack, an automated retention platform for subscription businesses. ProsperStack partners with said streaming service to create a unique retention strategy for what happens next after you live chat [.]

Management 52

Management Meetings 52

Customer Think

AUGUST 18, 2021

Do consumers want to talk to live customer service agents? Customers generally are self-reliant problem solvers who are increasingly looking for quick, do-it-themselves ways to get a question answered or resolve an issue. That’s an ongoing debate. You’ll actually hear arguments on both sides of the aisle.

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120

Customer Think

APRIL 25, 2021

One of the predictions by Forrester is about the increase in revenue risk for firms, by up to 50%, due to the increasing number of customers who operate as free agents. How does a customer-minded retention leader avoid the impact of demanding, millennial-minded customers on the company’s profitability?

Profitability 52

Profitability 52