InMoment XI

OCTOBER 3, 2024

It is increasingly expensive and difficult to improve customer acquisition, which means that it is just as important to keep your current customers happy. Focusing on customer retention will help your organization reduce costs and increase revenue. What Is Customer Retention?

Customer Retention 195

Customer Retention Strategy Guest Experience Loyalty Programs 195

InMoment XI

NOVEMBER 13, 2024

companies could save over $35 billion annually by satisfying existing customers? Understanding why customers want to leave can help you retain them and reduce acquisition costs. But, how do you identify customers at risk of leaving? Why is Customer Churn Prediction Important? Did you know that U.S.

Customer Retention 195

Customer Retention How To Analysis ROI 195

InMoment XI

MAY 2, 2024

It can be argued that reputation management for retail companies is more important than it is in any other industry. To manage your reputation and actively use customer feedback in your business operations, you need to implement strategies that are efficient, effective, and scalable.

Retail 195

Retail Customer Retention Strategy Management 195

Bill Quiseng

DECEMBER 13, 2021

What’s better than gaining a new customer? That’s why a high customer retention rate is an important goal for many businesses. Excellent customer service is one of the best ways to achieve this goal. Customer retention supports long-term growth because it creates a loyal customer base.

Customer Retention 173

Customer Retention Customer Service B2C Customer Service Strategies 173

Retently

MAY 9, 2024

Boosting your B2B customer retention rates is incredibly important for nurturing a sustainable business. It’s a thrill to land a new customer, no doubt. Many companies get caught in this cycle because they prioritize new customer acquisition so heavily that they overlook how many customers they’re losing along the way.

Customer Retention 141

Customer Retention B2B Customer Journeys Loyalty Programs 141

InMoment XI

APRIL 16, 2020

In normal times, most companies recognize that delivering an outstanding customer experience is a major factor in both customer retention and overall company success. During a crisis understanding the customer experience can become downright critical.

Innovation 365

Innovation Customer Retention Customer Experience Company 365

ECXO

NOVEMBER 25, 2024

Assess Strategic Alignment: The Backbone of Decision-Making The first and most crucial filter for evaluating feedback is determining how well it aligns with your company’s strategic goals. Instead, it studied data from multiple sectors, realizing that an API enhancement would benefit its global customer base.

Feedback 391

Feedback ROI Roadmap Analytics 391

Lumoa

OCTOBER 20, 2022

It’s no secret that customer experience is key to a company’s success. But what may be surprising is that as businesses compete more and more for customers, customer experience is becoming the new competitive battleground. . What does this mean for companies? A Powerful Strategy To Increase Revenue.

Customer Experience 286

Customer Experience Banking Customer Retention Customer Satisfaction 286

InMoment XI

AUGUST 18, 2022

In our experience, the four areas most programs prove the ROI of customer experiences in are: Customer Acquisition Customer Retention Increase Customer Lifetime Value (CLV) Cost Reduction. Organization refers to how you are taking action, and how that is being implemented across your company. Organization.

ROI 418

ROI Customer Experience Effort Score Financial 418

Lumoa

NOVEMBER 8, 2018

According to The State of the Customer Experience survey that we did earlier in 2018, all companies track customer experience using one or several of the 6 world-wide recognised KPIs: Net Promoter Score (NPS), Customer Satisfaction (CSAT), Churn rate, Retention rate, Customer Lifetime Value (CLV) or Customer Effort Score (CES).

Metrics 405

Metrics Net Promoter Score Customer Experience Effort Score 405

ECXO

JUNE 13, 2023

According to the survey, about 50 percent of organizations that use real-time analytics say they have measured an increase in customer retention, loyalty and revenue growth. Almost 75 percent have increased spending on real-time customer analytics. Which capabilities are companies most interested in?

Marketing 401

Marketing Analytics Government Survey 401

InMoment XI

MAY 18, 2022

Why Is It Important to Reduce Friction in the Customer Journey? Did you know that the average business today loses between 10-30% of its customers annually ? companies lose 50% of their customers every five years. Want to learn more about improving customer retention?

Customer Journeys 397

Customer Journeys How To Touchpoint Infographics 397

InMoment XI

JANUARY 12, 2023

For several years, it was also one of four economic pillars (along with customer acquisition , customer retention, and lowering cost to serve) my colleagues and I used to frame customer experience (CX) programs for our clients.

Social Media 397

Social Media Tips Customers Customer Retention 397

Kayako

MARCH 14, 2022

Telecom companies operate in one of the most competitive sectors of the marketplace. The industry has the fourth-highest churn rate, after cable, financial, and general retail, meaning that 21% of new Telecom customers will stay less than a year with the same Telecom provider. The key is to track the related KPIs.

Net Promoter Score 156

Net Promoter Score Company Customer Service Social Media 156

ECXO

JULY 10, 2024

Gartner predicts that over 75% of organizations will move away from using NPS as a primary metric for customer service and support by 2025. The simplicity of NPS fails to capture the complexities of customer relationships and experiences, which are vital for improving satisfaction.

Metrics 374

Metrics Analysis Feedback NPS 374

C3Centricity

NOVEMBER 26, 2024

This approach involves embedding consumer insights into every part of a company, driving long-term success by anticipating and meeting consumer needs precisely. A recent study by McKinsey found that 87% of companies leveraging advanced customer analytics outperform their competitors in customer retention and engagement ( McKinsey ).

Competitive Advantage 212

Competitive Advantage Consumers Banking Loyalty 212

InMoment XI

MAY 3, 2022

Insurance customers are buying into a long-term relationship, which means building brand trust is extremely important to keep customer retention rates high. And for insurance CX programs, customer data is a key source of information that can help insurance companies cultivate a growing trust with their consumers.

Insurance 370

Insurance Tips Data Return on Investment 370

BlueOcean

JANUARY 8, 2019

You have to assume that had that customer had a positive experience – both with your product/service and with your customer service team – they would have continued to buy from you and recommend your brand to others. According to research, only 42% of companies are able to accurately measure lifetime customer value.

Lifetime Customer 299

Lifetime Customer Contact Center Poor Customer Service eBook 299

eglobalis

AUGUST 19, 2024

We’ll also highlight real-world cases where companies have moved away from NPS in both B2B and B2C contexts. Frustrations with NPS Oversimplification of Customer Sentiment NPS categorizes customers into promoters, passives, and detractors based on a single question. This is the final part of my trilogy about NPS.

NPS 308

NPS Net Promoter Score Effort Score Metrics 308

ECXO

MARCH 15, 2024

The 7 Sins of Customer Experience If you fancy watching a quick video summary of this article, click the link below and enjoy: The 7 Sins of CX Are you ready to discover some awesome strategies that can help you take your customers’ experience to the next level? Take the feedback seriously, and make visible changes based on it.

Customer Experience 290

Customer Experience Net Promoter Score Customer Satisfaction Innovation 290

GetFeedback

MAY 9, 2019

What is customer experience? Customer experience is how your customers perceive their interactions with your company. What is great customer experience? Why is customer experience important? The short answer: Customer experience determines whether your organization succeeds or fails. companies $136.8

Customer Experience 337

Customer Experience Customer Journeys Effort Score Metrics 337

GetFeedback

DECEMBER 11, 2018

It’s not rocket science: the lower your customer churn rate, the higher your profit. But do you know how much customer retention is really worth? According to Harvard Business School, even just a 5% increase in customer retention can lead to a 25-95% increase in profits. Never seen a CES survey before?

Net Promoter Score 223

Net Promoter Score Effort Score NPS Customer Retention 223

InMoment XI

FEBRUARY 24, 2022

At InMoment, we start with an approach we like to call the “Solving for X:” take your executives through your business objectives and what you’re truly trying to solve for customers. Then put it under categories like customer acquisition, customer retention, cross-sell and up-sell, cross-savings, etc.

Tips 370

Tips ROI Metrics Touchpoint 370

Retently

JULY 11, 2022

If your company is charging the clients on a monthly basis, signing up new customers and keeping them onboard has an incredible impact on your revenue, growth rate and profits. This makes it important for you to pay close attention to your Detractors when calculating your company’s monthly recurring revenue trajectory.

NPS 158

NPS Net Promoter Score Company Tips 158

InMoment XI

NOVEMBER 2, 2021

Customer Acquisition Customer Retention Cross-sell & Upsell Cost Reduction. #1: 1: Customer Acquisition. A well-built voice of customer (VoC) program enables organizations to anticipate what new customers are seeking in a brand and thus be ahead of the curve. 2: Customer Retention.

ROI 195

ROI Customer Retention Infographics eBook 195

Lumoa

FEBRUARY 9, 2023

Actionability is also, as we believe, one of the essential aspects of customer experience management. At the same time, it is also what most companies are missing. How do you take action on customer experience? Listen to your customers. Now at least 80% of B2B buyers now expect the same buying experience as B2C customers.

Net Promoter Score 417

Net Promoter Score Customer Journeys Customer Experience Omni-Channel 417

InMoment XI

NOVEMBER 25, 2021

At one end there was a group with very low tenure (less than 1 year) who never really used the service and on the other end we have clients who had been with the company for many years and had done many transactions, but they never bothered to use certain services, which made the service harder to use.

Case Study 370

Case Study eBook Exercises Customer Retention 370

InMoment XI

OCTOBER 7, 2021

customer contact center call, product purchase experience, etc.), customer likelihood to recommend the brand, customer relationship satisfaction with the brand, or customer retention/repurchase behavior. transactional customer satisfaction) are relatively fast to show change whereas other measures (e.g.,

Effort Score 370

Effort Score Measurement Trends Customer Retention 370

eglobalis

OCTOBER 9, 2024

Here’s a guide on how companies can approach this critical decision-making process and why not every request is actionable. Evaluate the Strategic Alignment The first and most crucial step is to assess how the feature request aligns with the company’s overall business strategy. Will it open new market opportunities?

Feedback 441

Feedback ROI Innovation B2B 441

Retently

AUGUST 23, 2023

Some people argue that NPS® doesn’t work effectively for B2B companies. We argue the opposite — Net Promoter Score® is just as valuable for a B2B company as it is for a B2C brand. In fact, NPS can be a powerful tool — possibly the most powerful at your disposal — for improving B2B retention.

Net Promoter Score 148

Net Promoter Score B2B Company B2C 148

eglobalis

SEPTEMBER 5, 2024

What if the secret to skyrocketing your revenue lies in understanding not just what your customers do, but how they feel? In a world where every interaction counts, successful companies aren’t merely focused on closing deals—they’re laser-focused on keeping customers happy, loyal, and engaged.

Metrics 322

Metrics Customer Success Customer Experience Effort Score 322

eglobalis

AUGUST 13, 2024

In this article, we will delve into how Samsung and Apple differentiate in customer experience, focusing on ten key parameters: design, brand loyalty, fan following, creativity, CX, user interface, ecosystem integration, product quality, customer service, and marketing strategies. Samsung is renowned for its flexibility in integration.

e-support 445

e-support Innovation Customer Centricity Loyalty 445

InMoment XI

MARCH 4, 2022

Additionally, it’s possible that your company already has the data you need! If the insights you need are already in your possession, this can help you avoid the dreaded survey fatigue in your customers (and employees). Are you focused on increasing customer retention by identifying customers who had a poor experience?

Survey 417

Survey Customer Experience Touchpoint Exercises 417

eglobalis

JULY 2, 2024

This simplicity overlooks the complexity of customer relationships and experiences, failing to capture nuanced feedback crucial for improving overall customer satisfaction. Not now—it is still important as one metric that provides a limited view of the customer transaction. Should you kill NPS?

NPS 373

NPS Feedback Net Promoter Score B2C 373

Lumoa

FEBRUARY 13, 2018

There's a company X that collects customer feedback. Company X prefers the Net Promoter Score® ( what is NPS? ), yet it could be any other metric. on a scale from 0 to 10) " after each customer purchase or interaction. The company X doesn't ask why the customers are giving the score. But guess what?

Feedback 277

Feedback Net Promoter Score Effort Score NPS 277

eglobalis

DECEMBER 4, 2024

B2B Partnerships Require Cultural and Regional Sensitivity Global B2B companies operate in diverse cultural and regulatory environments. Example: AWS (Amazon Web Services) uses real-time monitoring to ensure system performance but relies on its customer success managers to address strategic client concerns and build long-term relationships.

B2B 320

B2B Culture Government Innovation 320

eglobalis

OCTOBER 1, 2024

In the era of digital transformation and customer-centric strategies, organizations must shift toward a more collaborative and integrated structure. This team should be responsible for ensuring alignment on company goals, customer experience, and operational priorities.

Customer Journeys 337

Customer Journeys Culture Leadership Innovation 337