Results for : customer churn

Customer Lifetime Value (CLV) – A Key Metric in the Pursuit of Customer Service Feedback

What is the lifetime value of a customer? Marketing executives in businesses all over the USA are concentrating on getting the most out of customer lifetime value. It's another way of saying they're trying to derive the highest customer net profit over the entire time that the customer remains committed…

Why Customer Retention is a Crucial Part of Company Strategy

What is Customer Retention?  Losing clients is costly. It far outweighs the expense of earning new ones by up to twenty-five times. Therefore, it pays handsomely to hold on to customers that are faithful over a long time. The opposite of customer retention is customer churn, where businesses keep losing…

How To Use Data To Improve Customer Experience

What is data and why is it so important? Businesses with the foresight to differentiate their products and services in the digital era are relying on what's undoubtedly the most valuable asset in both commerce and scientific endeavors. We talk of none other than Data. Think of it this way:…

How to Launch a New Customer Survey

New customers are always welcome, but that welcome shouldn't stop once the deal is closed. Keep the good feelings and clear communication strong from the beginning of the customer journey and you're much more likely to see customers stick around for the long term.   To identify any trouble spots…

A Data-Driven Approach to Closing the Customer Feedback Loop

Closing the customer feedback loop is a widely adopted business practice. Some even consider it the holy grail of customer service – by quickly contacting customers after they have provided feedback, businesses aim to reduce churn and increase customer loyalty and engagement in addition to other potential benefits. However, closing…

How to Measure and Reduce Customer Churn

Losing customers is never welcome news for a business. However, some customer churn is unavoidable, so should your company just take it on the chin and invest more heavily into customer acquisition to make up for the losses? It’s not a simple case of “you win some, you lose some”.…

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