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The Psychology Behind Customer Retention and Loyalty

Experience Investigators by 360Connext

If a customer tries a new brand that fails to deliver on their needs—especially during the earliest interactions—they have little reason to support it. And this is about more than just customer service. That’s why the most successful companies prioritize customer retention and loyalty alongside acquisition.

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Customer retention rates depend on understanding these 3 personas

TechSee

Customer churn is a growing problem across many industries and managing it has become critically important to the maintaining profitability. Research indicates that the cost of acquiring a new customer can be as much as five to seven times higher than keeping an existing one. trillion per year.

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9 Strategies to Improve Customer Retention Rate in 2023

SurveySensum

This strategic move resulted in doubling their business, showcasing the power of leveraging customer retention to drive growth. Well, acquiring new customers can costs you five times more than keeping the ones you have. So, customer retention is indeed crucial. What is the Customer Retention Rate?

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Why Engagement Strategies & Investment Are Important for Customer Retention

ProProfs Chat

A Forrester report highlights increasing customer retention by 5% can increase profits by up to 95%. Loyal customers spend about 30% more with brands than new customers. An investment to increase retention by 5% is surely a worthy business investment. Other aspects include: Showing customers you care.

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How AI Customer Experience Can Advance Your Business Strategy

InMoment XI

It involves harnessing advanced technology, specifically artificial intelligence and machine learning, to enhance the way businesses connect with their customers. It goes beyond the traditional methods of customer feedback analysis, offering a sophisticated approach that enables brands to stay ahead in an intensely competitive landscape.

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Actions MUST speak louder than Words: United Airlines eat humble pie!

ijgolding

Last week I wrote an article on the subject of ‘common sense’ To be more accurate, I wrote about the lack of common sense and how it’s absence was continuing to destroy customer experiences all over the world. Nor I am about to launch another diatribe about an already beleaguered brand. United Airlines.

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Ryanair ‘always getting better’ – has the world’s largest international airline really changed?

ijgolding

On the one hand I am referring to a well known brand as ‘the world’s largest’ and on the other, I am asking whether or not they have changed. If a brand is the world’s largest, why would it even need to change? In April 2014, I wrote a Customer Experience Review of Ryanair – they did not fare so well!