44% of companies admit they, "have a greater focus" on acquisition, while 18% focus on retention (the rest claim to have an equal focus). 89% of businesses, "see customer experience as a key factor in driving customer loyalty and retention." 76% of companies see Customer Lifetime Value...
An implicit assumption seems to be that through acquisition the market position of the target firm can be taken over. We argue that it is not always easy or even possible to take over a company's customer and supplier relationships. We elaborate on the various problems related to relationships...
Some break the mold and look for a lower burn, knowing that this will translate into a more realistic customer growth trajectory. Yet a commonly overlooked aspect of company health iscustomer retention. Getting a customer in the door is the first step, but customer turnover, or “churn rate,...
According to areport by American Express, 69% of customers would spend more with companies who have excellent service. On the other side,41% of consumerssaid they have switched to another company due to poor customer service. Make sure your customer service reps are polite and helpful, keep ...
When it comes to the importance of customer service, customer retention is one of the biggest factors to keep in mind. This is illustrated by the fact that89% of customersare more likely to complete an additional purchase following a good customer service experience. Thus, when you give your...
To set your digital customer journey up for a win, you first need a clear understanding of all components involved. These include yourtarget group,customer behavior,optimal communication channelsand content formats to use, and most importantly, the user intent at each stage of the journey. ...
This blog post will discuss the importance of customer retention and share tips on keeping your clients happy and coming back for more.
83 percent of consumerssaid that they would recommend a company that they trusted. Meaning trust will not only help you gain repeated business, but it will create new customers alike. As you probably know, customer acquisition can be costly, so growing your customer base organically is always ...
service is thenumber onefactor determining a client’s confidence in an organization. Not only that, but for about95%of consumers, customer service is key to their brand loyalty, and a staggering89%of consumers are more likely to make another purchase after a positive customer service experience...
1. Customer Acquisition Cost 2. Marketing Budget 3. Return on Investment (ROI) 4. Long term profit 5. Customer Retention Cost 6. Individual customer profit 7. Customer valuation Formula to Measure Customer Lifetime Value Customer Lifetime value is calculated by deducting the cost of acq...