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Beyond Marketing
Problematic, tools, news, in marketing and beyond to develop ecosystemic vision; are included Inbound Marketing, Content Marketing, Social Media...
Curated by Denis Failly
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Retention Is Fast Becoming the New Acquisition

Retention Is Fast Becoming the New Acquisition | Beyond Marketing | Scoop.it


Satisfaction drives loyalty. More importantly, it drives retention. The key to a healthy bottom line is the ability to keep your customers. According to the book Outside In [click here for infographic] by Harley Manning and Kerry Bodine, retaining customers drives revenue in three ways: - Incremental sales from current customers. - Retained sales as a result of lower churn. - New sales driven by word of mouth (referrals). Can small improvements in retention make a big difference? Absolutely. According to Gartner Group, “A 5% improvement in retention can increase profitability by upwards of 25% to 125%.”

Denis Failly's insight:

"Companies with 80% retention will have to replace over 50% of their customers every three years"

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The Business Case For Customer Experience (CX) Management

There’s a threefold challenge that stands to impact your ability to retain your customers. Customer expectations are rising, customers are more readily sharing their bad experiences publicly and customers are switching their suppliers at a dramatically increased pace.

The rise of social media and social customers now reward those brands that engage customers through social channels and deliver a consistent and rewarding customer experience (CX). Or on the flipside, suppliers which do not deliver rewarding customer experiences are being called out publicly in forums and social networks that reach thousands or millions of potential or existing customers and have a duration of months, years or longer. If a vendor’s products are chastised by existing customers, new prospects will clearly seek competitor solutions and existing customers will take note, thereby increasing their likelihood of churn.

Denis Failly's insight:
The Customer Experience Challenge, Solution, Framework, Risk and Payback :A Recommended Approach
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