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How to Calculate and Improve Your Customer Retention Rate

Totango

Customer retention is the lifeblood of any savvy enterprise. It’s the only way to be successful in this customer-centered economy and ensure scalable long-term revenue. The Benefits of Improving Your Customer Retention Rate. Calculating Your Customer Retention Rate.

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Customer Retention Metrics: The Metrics That Matter

Totango

Customer retention is the keystone in any customer success strategy. There are many different types of customer retention metrics that one can track. Which customer retention metrics have the biggest impact on your business? Customer Retention Rate.

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Ready to Boost Customer Retention? 3 Tips That Can Help! 

ClientSuccess

Over the years, customer success manager roles have expanded to include many different responsibilities. Bridging the gap between customers and a product team is critical, from managing customer implementations to ongoing account maintenance. Are NPS scores taking a dip?

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How Support Teams Can Improve Customer Retention

Help Scout

Great customer service delivers real business value. Even so, it can be difficult for empathetic customer service staff to think about customers in terms of business revenue. What is customer retention and how is it measured? Say you have 500 customers on March 1.

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Six Best NPS Software Solutions for 2022

Totango

The number of NPS software providers has proliferated as the importance of tracking Net Promoter Score (NPS) has been realized by a growing number of enterprises. This raises the question, how do you find the best NPS software solutions? What Is NPS Software?

NPS 87
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How customer success teams can improve customer retention with VOC?

SurveySensum

And yet, it has the most loyal customer base. . – Well, one thing that Zara does is, it knows what to focus on and how to make its customers happy. That’s why they take customer feedback SERIOUSLY. . Voice of Customer (VOC) – Brief. Actively listen to your customers.

VOC 52
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7 Step Customer Success Strategy for Higher Lead Conversion and Customer Retention

Totango

A customer success strategy is a proactive plan for guiding your clients to outcomes that satisfy their needs. When your customers enjoy more value, your product adoption rates rise and customer retention rates go up. Proactively guide customer growth.

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10 Powerful Customer Retention Strategies to Reduce Churn

Aquire

Does your business focus more on customer acquisition or customer retention? The most common answer is acquisition but the focus should be on retention. What is a customer retention strategy? How to calculate your customer retention rate.

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Why Bridging the SaaS User-Buyer Divide Is Key to Improving Customer Retention

Customer Think

The 2022 Customer Success Index, a survey of more than 350 companies by Gainsight and RevOps Squared, recently uncovered some very interesting, if not troubling data on the state of alignment between SaaS users and buyers. Blog Customer Loyalty Editor's Pick Voice of Customer

NPS 63
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Customer retention software: Everything you need to know

Zendesk

Businesses work hard to attract customers, and keeping them around takes just as much effort. A “bad experience” can happen at any touchpoint in the customer’s journey, from their first interaction all the way to final sale and beyond. Identify and reward loyal customers.

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How to Improve Your Customer Retention with CRM

SugarCRM

CRM solutions are now considered an essential investment for delivering excellent customer experiences in the long term. We also don’t have a clear picture of what causes the poor customer experiences impacting customer churn, satisfaction, and retention.

CRM 41
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What is a Customer Retention Management System, and Do You Need One?

ClientSuccess

For many people working in the SaaS industry, the term Customer Relationship Management (CRM) has become a blanket ‘catch-all’ term for anything having to do with sales, onboarding, adoption, renewals, and, yes, customer retention.

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Guest Post: Why Should Your Customer Service Team Care About NPS?

Shep Hyken

This week, we feature an article by Simona Benetinová, content manager at Nicereply , a company that helps organizations, of all sizes, provide outstanding customer service. She writes about customer loyalty and why your team should care about your brand’s Net Promoter Score.

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Improve NPS with these 11 surefire strategies

SurveySensum

Customer experience has moved from being a competitive differentiator to a key business imperative. Companies that lead in customer experience are now outperforming laggards by nearly 80%. . It is the key predictor for gauging customer retention and loyalty.

NPS 52
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What's the Difference Between NPS and Customer Engagement?

PeopleMetrics

In our last post, we covered the difference between customer satisfaction and customer effort score. Both of those metrics are good for examining transactional elements of the customer experience. As we discussed, the best customer experience metric for your business is a matter of finding the best fit for your business. In this post, we’ll take a look at two more advanced fits: Net Promoter Score and customer engagement. Using Customer Engagement.

NPS 86
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Improve NPS with these 11 surefire strategies

SurveySensum

Customer experience has moved from being a competitive differentiator to a key business imperative. Companies that lead in customer experience are now outperforming laggards by nearly 80%. . It is the key predictor for gauging customer retention and loyalty.

NPS 52
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Five Strategic Enablers Of AI-Driven Retention Transformation

VOZIQ

As the complexity of customer churn grows, retention approaches are also evolving to tackle the churn risk and protect customer revenue—and AI can play an instrumental role in that. Unified Customer Data.

AI 52
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Five Strategic Enablers Of AI-Driven Retention Transformation

VOZIQ

As the complexity of customer churn grows, retention approaches are also evolving to tackle the churn risk and protect customer revenue—and AI can play an instrumental role in that. Unified Customer Data.

AI 52
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SaaS Companies: Implement a Product NPS Program in 5 Simple Steps

PeopleMetrics

It has become all too common for B2B SaaS companies to survey their customers once a year through a moment-in-time customer relationship survey, with at least one section addressing the ultimate question of Net Promoter Score (NPS). Let’s move on to how many new customers you acquired” is likely the next agenda item. Your customers who bought your product and solution did so for a reason – because they believed it would add business value to their organization.

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Basics of NPS & It’s Impacts on Baseline Performance?

SurveySensum

What is the Net Promoter Score (NPS)? In 2003, a loyalty consultant Fred Reichheld proposed a simple method to measure customer loyalty, called the Net Promoter Score® (NPS®) system. Net Promoter Score (NPS) Calculation. How do you get loyal customers?

NPS 52
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What You’ll Never Get from NPS (Or Any Other Outcome Metric)

InteractionMetrics

Every company has its own take on customer experience—what are your goals? Perhaps you’re looking to stage the customer experience to strengthen customer loyalty and retention. Or, maybe you need more proactive customer service to increase First Call Resolution (FCR). Sometimes, customer surveys paint a rosy picture, but your sales numbers tell a different story—and you need to know what’s slipping under the radar.

NPS 40
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Segmentation of Holiday Customers and Key KPIs

CSAT.AI

You survived the holidays and you’ve got new customers! In our November blog on customer segmentation , we talked about the value in grouping your customers by separate criteria to streamline customer service and to identify who your real customers are.

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Do You Measure These Customer Success Metrics?

CSAT.AI

As we’ve stated CSAT and NPS are two often talked about (and argued about) metrics. Let’s go deeper into a few more customer success metrics. The following KPIs help you plan your strategy and monitor your revenue and costs of customer success. Customer Health Score (CHS).

B2B 80
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5 Top Customer Service Articles of the Week 9-26-2022

Shep Hyken

Each week I read many customer service and customer experience articles from various resources. 15 Qualities You Need To Get A Good Customer Service Job by James Spillane. Business 2 Community) Are you interested in getting a customer service job?

NPS 59
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How to Build An Early Customer Warning System

Totango

Many of the companies we talk to today all have the same challenge: they are sick and tired of firefighting their customer accounts. How to Build An Early Customer Warning System. To start building an early customer warning system, follow these three steps: 1.

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Gong’s Linda Lin on customer success strategies for moving upmarket

Intercom, Inc.

Few people have more experience with this move than Linda Lin , Director of Customer Success at the revenue intelligence platform Gong. Moving upmarket means larger customers and higher revenue, but it’s not without its challenges. Growing your customers into partners.

Sales 152
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5 Facts to End the ROI Debate on Customer Experience

Beyond Philosophy

For many years, there has been a debate whether you could assign a dollar amount to determine the return on investment for any Customer Experience improvements. At times (more in the “old days” but every now and then it happens in present times) we’ve literally have been accused of “having religion;” i.e., believing in Customer Experience (CX) without proof and asked to show the value of CX. Customer Satisfaction results in a higher share price.

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How to Fight Excessive Customer Churn: 4 Winning Strategies

Totango

Knowing how to fight customer churn is critical for keeping SaaS business models sustainable. The more customers you lose to churn, the more you have to invest in new customer acquisition to maintain your revenue, and the harder it becomes to grow your business.

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Why Your AI Project Is Failing To Deliver Value

VOZIQ

While working with our clients, we have seen the transformational effect artificial intelligence (AI) has on customer experience, cost reduction and profitability. Customer Retention Featured customer churn customer experience customer retention

ML 52
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Do You Harness the Power of Habit in Your Marketing Yet?

Beyond Philosophy

When they saw these purchases in the customer’s history, they decided that they would begin the targeted campaign to these women. “ Most of the time, what we do, is what we do most of the time”. This is former F1 champion Lewis Hamilton stopping in the wrong team’s garage to change tires.

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Customer Health Solutions: Accurately Monitoring Your Customer Relationships

TeamSupport

A new term, customer health, is all about monitoring the customer relationship to ensure it remains in a vibrant state. Because not all businesses are receptive to proactive support or additional conversations, the concept of customer health has evolved because it allows a business to further understand the impact of their interactions. A large number here usually correlates to a higher chance of retention , but remember nothing is a guarantee in business.

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How to Predict Customer Churn—And What to Do About It

Totango

In fact, by becoming familiar with the causes of churn and using data to identify its warning signs, it is possible to predict and reduce customer churn. The following (not exhaustive) list gives some of the most common causes of customer churn: The service does not offer the customer value .

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5 Tests to Reveal How Customer Centric Your Channel Strategy Is

Beyond Philosophy

Do you allow Customers to use whatever channel they wish to communicate with you, or do you restrict them to one or two channels? The answer to this question can show how Customer centric your company is. This post is the fifth in a series of nine posts that uses our Naïve to Natural customer-centricity assessment. Today we are looking at Channels, one of the nine parts of your current experience that contributes to Customer centricity of your organization.

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Why Your AI Project Is Failing To Deliver Value

VOZIQ

While working with our clients, we have seen the transformational effect artificial intelligence (AI) has on customer experience, cost reduction and profitability. Especially in use cases involving customer retention or customer care, think of augmenting human intelligence (of your front-line reps) with AI because some sets of customer problems are still not ready to be addressed by machines alone.

ML 40
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4 Ways to Gain Customers’ Trust in Data Security

Beyond Philosophy

In other words, Customers will share data even though they don’t believe it is protected enough to get a better value from an organization. When Target had the data breach last December that affected over 110 million customers, and the latest issues with Apple’s iCloud, not to mention Home Depot’s latest breach, it seems the safety of everyone’s data is highly suspect. Trust and the Customer Experience. Emotions are an important part of any customer experience.

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Are You Benchmarking OR Innovating?

InteractionMetrics

Customer Experience Issues & Trends Customer Experience Metrics Customer Feedback & Surveys Improve Customer Service benchmarking branded customer service build brand customer experience metrics Customer feedback customer loyalty customer retention customer satisfaction customer service metrics Net Promoter Score NPSBenchmarking has a history of helping businesses compete in global markets.

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How to Fix a High Churn Rate

Totango

Attracting new customers is always cause for celebration, but in today’s customer-centric economy, it is not enough to bring in fresh faces. You need to justify your existence to customers at every step, including during onboarding. How to Reduce Churn and Increase Retention.