POSTS TAGGED : customer retention

The Ultimate Guide to Customer Retention: Strategies, Benefits, and How to Get It Right

In today’s competitive business landscape, customer retention is more than a mere buzzword—it’s a strategic priority that can make or break your business. While many companies focus on customer acquisition, it’s far more cost-effective to retain existing customers. In fact, research shows that retaining customers can be five times cheaper than acquiring new ones, and increasing customer retention rates by as little as 5% can boost profits by as much as 25% to 95%. So, how do you develop a rock-solid customer retention strategy that keeps your customers loyal and engaged?

Customer retention effort

In this article, we’ll dive deep into the nuances of customer retention, exploring proven strategies, benefits, challenges, and tools that will help you strengthen your relationships with existing customers, while laying the groundwork for long-term success.…

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Importance of Customer Service in the Post Pandemic Era

Customer service is an essential unit of any company. Stats suggest that it is five to twenty-five times more expensive to acquire a new customer than to retain an existing one. This is because there are a lot of components that go into acquiring a new customer and in comparison, much fewer resources and efforts are needed to provide a good customer service experience that is vital for customer retention.

Post-pandemic customer retention

After the pandemic, it has become even harder not only to acquire a customer but to retain them as well since most people are going through a critical financial situation that has made them more skeptical about how they spend their hard-earned money.…

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Effective Ways to Reduce Customer Churn

Every day, companies lose customers. The average business loses about 20% of its customer base each year. However, there are effective ways to reduce customer churn and retain as many valuable customers as possible. Here’s a look at the benefits of managing churn.

Long time customer meeting

Increase Customer Lifetime Value (CLV)

A company’s CLV is the amount of money a business expects to earn from each customer throughout their relationship together. If you can increase your average customer lifetime, then you are increasing your chance for revenue growth.

According to Harvard Business Review, you should aim for an average customer lifetime that exceeds the industry average by at least 50%.…

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How CEOs Can Use Digital Transformation to Improve Customer Retention

The buck usually stops on the CEOs table, especially for small businesses, and marketers who do the main job of converting and retaining customers don’t find their task easy; it takes ingenuity to convert a customer, and the effort that goes into retaining customers can at best be described as herculean. The conversion rate has become more of a mirage now that customers mostly do their shopping online.

Customer retention via digital transformation

The changes we are experiencing due to the COVID-19 pandemic have deemed it absolutely necessary that small businesses must thrive. While this is so, the competition is getting stiffer, even for large corporations.…

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Customer Incentives That Quickly Build Revenue

Quickly building revenue is integral to many businesses, but often it can be a minefield navigating the different options available to you. Should I be focusing on my existing customers or reaching out to new customers, potentially in new markets, to build this additional revenue?

Talking with a customer via life streaming

Well the research suggests that focusing on existing customers can often be the quickest way to add revenue because you save on all those extra marketing costs and are less likely to alienate existing customers as you will be able to expend more time on them.

Here we will take a look at how you can focus on your existing customers to provide them incentives which will lead to increased revenue.…

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3 Ways To Nurture Old Leads

While it’s important to always be looking for ways to bring in new clients or customers, what many businesses don’t focus enough of their attention on is how to go back to their old lead and nurture them into current sales. But because keeping customers or clients is often much less expensive than getting new ones, it’s important that your business has a plan for caring for current patrons as well as those who didn’t quite make it through the sales process the first time.

Nurturing existing leads

To help you figure out the best way to accomplish this, here are three ways your business can nurture old leads.…

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5 Ways to Improve Customer Lifetime Value for Your SaaS Business

Customer lifetime value is one of the most important metrics to measure for any company wanting to improve sales or scale-up. SaaS companies find it is even more critical to their success than anything else. Every type of software relies heavily upon the customer experience, measuring every aspect of it from usage of the app to customer service itself.

Customer Lifetime Value (CLV)

With happy customers and a low churn rate, SaaS companies can achieve incredible CLV and revenue growth.

There are several different ways you can calculate customer lifetime value. You could use the Customer Service Metrics Calculator offered by HubSpot. Or you could take a more straightforward approach by calculating your annual earnings and dividing it by the number of customers that your company served over that time.…

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4 Solid Strategies for Retaining Customers

It has often been said that retaining a customer is more profitable and easier to do than getting a new customer. Customers can easily come and go as they please, and business retention is becoming ever more important as new market players are aggressively taking market share away from well-established companies who are just trying to maintain the status quo.

Customer retention by nurturing relationship

Strategies need to be put in place to hold onto as many customers as possible to at least stabilize growth – some advice regarding this important topic is shared below.

Regularly use a high-quality CRM tool

Many company’s marketing efforts rely on keeping track of each customer to you know when they were last contacted, what the messaging consisted of, what their status and value is, and other key pieces of data.…

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5 Strategies to Attract and Retain Customers

Every business out there has to find a way to retain current, but also attract new customers. Offering a quality product or service is what matters the most, but what good will it do if no one knows about it?

Customer retention strategy

Hence, having a well-defined strategy that will get you new customers, but also keep the ones you have satisfied, needs to be one of your top priorities. Of course, that strategy has a lot to do with smart marketing efforts.

Promoting your business is a must and this issue can be divided into a few segments:

  • social media
  • blog
  • online ads
  • email marketing
  • affiliate marketing

Social media

It is common knowledge that social media platforms such as Facebook, Instagram, or LinkedIn have never been more popular.…

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What Free Shipping Means to Your Customers

Customers want free shipping. Amazon has forced the issue, pushing retailers to offer free shipping on products. The customers of today expect shipping to be fast, and if you’re in a niche where other retailers are offering free shipping or better prices, you’ll need to offer the same perk to compete.

Free shipping

One study suggests that 90% of consumers say that free shipping is the incentive to shop online.

People want to shop online because it allows for shopping day and night, but if shipping is too costly, these shoppers will go to ground stores.

If you’re a small business owner, free shipping may mean the difference between your customers going to Amazon or shopping on your site.…

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