Help Scout

AUGUST 22, 2023

Improve customer loyalty with this list of 16 customer retention strategies that are backed by academic research and case studies on consumer behavior. Read the full article

Customer Retention 87

Customer Retention Loyalty Article Consumers 87

ReviewTrackers

MARCH 24, 2021

Bank Customer Retention: Why It Matters. You’ve probably heard this more than a dozen times: retaining a customer is so much cheaper than acquiring a new one. 80 percent of consumers would switch financial institutions for a better experience. times higher, and their customers are 2.1

Banking 123

Banking Customer Retention Customer Experience Financial 123

ReviewTrackers

MARCH 31, 2021

Improving customer retention can prevent billions of dollars of lost revenue in the insurance industry. What’s worse than losing billions in revenue is the amount that insurers have to pay to acquire new customers. According to Hubspot, the insurance industry is tied for the third-highest customer acquisition cost at $303.

Insurance 123

Insurance Customer Retention 2017 Transportation 123

TechSee

APRIL 3, 2018

With Accenture reporting that 77% of consumers are no longer loyal to any particular brand, companies must work harder than ever to retain their customer base. Customer churn formula. Churn refers to the percentage of customer attrition over a specific period of time.

Customer Retention 141

Customer Retention Technology Multi-Channel Customer Satisfaction 141

GetFeedback

JUNE 11, 2019

According to Exploring the Value of Emotion-driven Engagement, a new report from Deloitte Digital, brands can build impressive levels of customer loyalty by connecting emotionally with their audiences. But this does not need to be done on an individual level with each customer. Brand loyalty is driven by emotional connections.

Loyalty 170

Loyalty Connections Loyalty Programs Consumers 170

InMoment XI

MAY 10, 2022

Customer loyalty has become more elusive in the past few years. As customers seem to shop solely based on the best deal, it can be difficult to build customer loyalty in retail, which leaves many brands wondering if customer loyalty is even worth the effort. 5 Ways to Build Customer Loyalty in Retail.

Retail 493

Retail Net Promoter Score Loyalty Programs Loyalty 493

InMoment XI

FEBRUARY 2, 2024

In the rapidly changing consumer market, the highest customer-rated Integrated CX company, InMoment, took a bold and proactive approach. Studies have shown that companies that engage with customer feedback can see up to a 5-10% increase in customer retention rates.

Hospitality 260

Hospitality Call Center Retail NPS 260

Currency Alliance

APRIL 15, 2024

Many people assume that operating a loyalty program necessarily implies issuing your own loyalty points or miles. The optimal points to offer mostly depends on the frequency of engagement your brand has with target customers. Points and miles are a dominant and popular form of loyalty value. This actually is not true.

Loyalty Programs 52

Loyalty Programs Loyalty Airlines Banking 52

Optimove

JUNE 22, 2020

The problem is, most customer data platforms (CDPs) only provide basic testing and optimization tools that do not scale or ensure personalized and consistent omnichannel customer experience (CX). Using loyalty data to power customer retention and reactivation. How’d they do it, you ask?

Customer Retention 52

Customer Retention Loyalty Loyalty Programs Retail 52

SurveyGizmo

NOVEMBER 4, 2021

COVID killed brand loyalty. Brand loyalty took a nosedive during the pandemic with 75% of consumers trying a new shopping behavior since COVID started. During the pandemic, consumers vented their need for novelty by ordering new toothpaste, a different cereal, or engaging in a fully new routine. Why Loyalty Matters.

Loyalty 95

Loyalty Brands 2022 Loyalty Programs 95

CSM Magazine

SEPTEMBER 22, 2022

Your customer retention rate tells you how many of your customers are staying with you, rather than defecting to a competitor. Of course, every business wants to retain 100% of its customers (and increase the amount they spend!), To get started, take a look at these four ways to increase customer retention: 1.

Customer Retention 52

Customer Retention Loyalty ROI Consumers 52

SurveySensum

JULY 26, 2023

It’s like a game of “now you see them, now you don’t” with customers jumping ship to competitors in the blink of an eye if they don’t feel valued and satisfied. It is far more expensive to acquire new customers than to retain existing ones and brands understand that. But why is that a big issue?

Customer Retention 52

Customer Retention Retail Social Media Loyalty Programs 52

delighted

JULY 13, 2022

If so, you’ve experienced customer loyalty. You can see why brands want to foster customer loyalty. You can see why brands want to foster customer loyalty. All of these feel-good moments build up customer trust over time and therefore increase customer retention.

Loyalty 88

Loyalty Measurement Net Promoter Score Customer Retention 88

Kayako

AUGUST 21, 2018

What is customer retention? Simply put, customer retention refers to the strategies and tactics businesses use to encourage repeat purchases and ongoing loyalty from their existing customer base. That’s why customer retention is so vital for businesses of every stripe. What does that mean?

Customer Retention 49

Customer Retention Loyalty Loyalty Programs Competitive Advantage 49

LoyaltyPlus

APRIL 9, 2021

Businesses have had to adapt and adapt quickly – and this is largely because they are dealing with a new breed of consumer. The scenario is played out in customer reward and loyalty programmes, a facet of commerce that has been forced to evolve with constantly changing customer needs.

Loyalty 40

Loyalty Consumers Customer Relationship Management Reference 40

CSM Magazine

JUNE 16, 2023

When it comes to the reasons people choose, and in many cases show great loyalty to a company, they are myriad. Loyalty is an important buzz word for companies looking to ensure their revenue streams and expand their offerings, so nurturing that is a priority.

Consumers 52

Consumers Customer Service Customer Service Representative Customer Retention 52

SurveySensum

DECEMBER 22, 2022

And that’s why 82% of companies say that retaining a customer is less expensive than acquiring a new one. That’s why focusing on customer retention is important and a lucrative VOC program helps you achieve it. . Let’s deep dive into this and understand how you can use the VOC program to improve customer retention.

Customer Retention 52

Customer Retention Customer Success Loyalty Programs Social Media 52

ProProfs Chat

SEPTEMBER 9, 2020

If you find yourself sharing the same concern frequently, then you need to build a customer loyalty program. But with the awesome customer loyalty programs in place, they’ve successfully ensured that customers return to their store to make a purchase and earn more points. What is a Customer Loyalty Program?

Loyalty Programs 96

Loyalty Programs Loyalty Net Promoter Score Rewards Programs 96

ProProfs Chat

FEBRUARY 13, 2020

Efforts to retain customers, help you formulate effective loyalty programs that your customers enjoy being a part of. Let’s take a look at customer loyalty statistics and observe the various ways that help a business improve and boost customer loyalty. Benefits of Improving Customer Loyalty.

Loyalty 109

Loyalty 2020 Loyalty Programs Social Media 109

Magellan Solutions

AUGUST 17, 2020

With all the advertisements people see on the internet every day, customers can easily jump from your brand to another if you don’t have strong customer retention strategies. . To make your business thrive, you need to take care of one of the most important assets — your customers. What is Customer Retention?

Customer Retention 52

Customer Retention Loyalty Exceptional Customer Service Loyalty Programs 52

InMoment XI

NOVEMBER 20, 2023

As e-commerce becomes increasingly global and competitive, business leaders understand that technology can be a valuable tool in reconnecting with consumers. In particular, Artificial Intelligence (AI) has emerged as a powerful tool, revolutionizing the way companies understand and enhance the customer experience.

Customer Experience 324

Customer Experience E Commerce E-support Social Media 324

Amity

SEPTEMBER 19, 2018

Of course, broadening your customer base is a task that shouldn’t be neglected, but too often companies forget the benefits of building loyalty among those who already purchased from them. Here are a few tricks you can use to broaden your customer base: Adapt to your customers. Marketing is not enough.

Customer Retention 64

Customer Retention Loyalty Marketing B2B 64

Experience Investigators by 360Connext

APRIL 23, 2024

The landscape of consumer expectations is constantly evolving, and understanding the value of customer experience has emerged as a cornerstone for businesses aiming to sustain growth and maintain a competitive advantage. And they will be rewarded for that focus on the customer! And the results that go with them!)

ROI 143

ROI CEM Net Promoter Score Customer Experience 143

Comm100

OCTOBER 8, 2016

Your customer retention is super important to your bottom line—after all, customer loyalty is well-known for being more valuable than customer acquisition. With stakes this high, it’s essential that you build a solid customer retention plan that can lead to long-term customer loyalty.

Customer Retention 60

Customer Retention Loyalty Loyalty Programs Social Media 60

BlueOcean

OCTOBER 4, 2023

When one in five of your customers speak something other than English as their first language, providing bilingual customer support is critical. Without it, you risk taking a hit to your CSat scores, your brand loyalty, and your bottom line. The impact of bilingual support on the customer experience cannot be understated.

Contact Center 310

Contact Center Customer Care Average Handle Time Consumers 310

ReviewTrackers

APRIL 1, 2019

Bank Customer Retention: Why It Matters. You’ve probably heard this more than a dozen times: retaining a customer is so much cheaper than acquiring a new one. 80 percent of consumers would switch financial institutions for a better experience. times higher, and their customers are 2.1

Banking 89

Banking Customer Retention Financial Seminar 89

InMoment XI

MAY 3, 2022

Insurance customers are buying into a long-term relationship, which means building brand trust is extremely important to keep customer retention rates high. And for insurance CX programs, customer data is a key source of information that can help insurance companies cultivate a growing trust with their consumers.

Insurance 493

Insurance Return on Investment Voice of Customer ROI 493

Joe Rawlinson

JULY 24, 2019

Did you know that research by Bain & Company found out that increasing customer retention rate by just 5% can increase profits by 25-95% ? If there’s one thing that always bears on the mind of businesses, it is this: What drives a customer to come back for more? Real-Time Customer Support.

Loyalty 107

Loyalty Sales Rewards Programs Customer Retention 107

CSM Magazine

MARCH 15, 2023

Whilst global trends continue to point to the user growth of Facebook, TikTok and Instagram, the trends underneath the headlines highlight significant opportunities to drive new customer acquisition, which in turn demands a targeted customer retention strategy from companies.

E Commerce 52

E Commerce Customer Retention Brands Retail 52

InMoment XI

FEBRUARY 23, 2024

Market segmentation is a research strategy that separates different consumers in order to study their preferences, needs, and perspectives in order to optimize business practices, products, and experiences. Hopefully, your business has more than one customer. Brands frequently provide deals that only apply when customers shop online.

Marketing 260

Marketing Customer Experience Return on Investment Consumers 260

SurveySensum

AUGUST 1, 2023

Building Lasting Connections: The Power of Customer Loyalty in Retail In today’s fast-paced and crazy competitive retail world, customer loyalty is like the secret sauce for staying ahead of the game. But, let’s be real, building and nurturing customer loyalty in retail isn’t a walk in the park.

Retail 52

Retail Loyalty Connections Loyalty Programs 52

NetBase

MAY 25, 2020

As the world recuperates and consumers everywhere are feeling hesitant to resume life as usual, recovery mode must be focused on supplying what customers need – and those needs have changed drastically in the past few months. Retaining customers in the long run depends on how well your brand adapts. Here’s how.

Customer Retention 60

Customer Retention Healthcare Consumers Financial 60

Optimove

DECEMBER 7, 2023

By focusing on factors such as initial purchase quantity and efficient return management, you can enhance the customer experience and cultivate lasting relationships that extend well beyond the peak holiday shopping season. Can Better Segmentation Improve Retention? And that’s a wrap!

Loyalty 75

Loyalty 2022 Insights Customer Retention 75

GetFeedback

NOVEMBER 30, 2016

Consumers can always find a brand that delivers the same thing—just cheaper and faster. Here are 4 strategies to boost brand loyalty and customer retention.

Loyalty 150

Loyalty Brands Customer Retention Consumers 150

ProProfs Chat

FEBRUARY 22, 2019

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. Simple formula: Customer Retention = Engagement + Investment.

Customer Retention 82

Customer Retention Engagement Rewards Programs Loyalty Programs 82

ProProfs Chat

JUNE 21, 2019

Do you have a customer retention strategy? Companies focus on customer acquisition strategies, since increasing your customer count is the lifeblood of your business. But, customer acquisition won’t help, if you are unable to retain customers. Discounts, free shipping, and loyalty points rule the list.

Customer Retention 63

Customer Retention Retail 2013 Loyalty 63

Thematic

DECEMBER 5, 2018

Think customer loyalty programs are all about getting generic discounts, points and rewards? Today, it’s more about offering customers something as personalized as possible, so that they feel truly special. So, let’s look at ways to reduce churn with customer retention analytics and why it’s important in the first place.

Customer Retention 96

Customer Retention Competitive Advantage 2017 2014 96