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Understanding LifetimeCustomer Value (LCV) and how the service and support experience contributes to or detracts from the realization of LCV is critical ( more on the LCV metric here ). Total Value Returned Rate is a key metric that also has to be tied to customerretention.
Customer Service has always been part of their DNA, culminating in the production of the book ‘Exceeding Customer Expectations: What Enterprise, America’s #1 Car Rental Company, Can Teach You about Creating LifetimeCustomers’ in 2007. A promoter is an advocate of your business.
In that perfect world, customerretention would be at 100% and customer turnover would be zero. Since that’s not the world we live in, customers need to experience prompt and dedicated attention at every major customer touch point. Promoters are your moneymakers. You do it again and again.
In fact, employing certain techniques can actually turn these issues into opportunities to deepen the client/company relationship and increase lifetimecustomer value. . This can create friction between your company and the customer, especially if the successor is more familiar with your competitor’s product. .
Jay Nathan – Founder of Customer Imperative and Gain Grow Retain. With over a decade of experience in customer success and customer service, Jay Nathan has developed customerretention and growth methodology for building, managing, and scaling tech companies serving businesses of all sizes. LinkedIn : [link].
When you stay in contact with your customers, they stay loyal, give you feedback on your products and basically are engaged. One of the best ways to check if your customers are engaged is to use NPS ( NetPromoterScore ). To answers this question customers choose a number from zero to ten. “The
CX Metrics are the KPIs used by a company to track customer feedback. Here are some popular CX metrics – NetPromoterScore (NPS) Customer Satisfaction (CSAT) Customer Effort Score (CES). Helps understand customer behaviors better. Does AI improve customer experience?
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