Customer Retention Articles

HOW DO YOU CALCULATE CHURN RATE IN EXCEL?

Calculating churn rate in Excel is a quick and easy way to identify customer turnover. You can simply build the formula into an Excel spreadsheet to evaluate your churn rate monthly, quarterly, or annually. Let’s get started by examining the calculation for annual churn rate. How Do You Calculate Annual Churn Rate For this calculation …

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CUSTOMER EXPERIENCE STRATEGY FRAMEWORK

You’ve probably heard of customer experience, also known as CX. It continues to be a popular topic, and it’s more than just a buzzword—it’s a strategy that can make or break your business. Research by Bain & Co. uncovered that companies that improve their retention rates by as little as 5% see an increase in …

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THE SURPRISING BYPRODUCTS OF CUSTOMER EXPERIENCE STRATEGY

Creating an effective customer experience is more than just ensuring your customers receive the products and services they desire in a timely and efficient manner. At its core, a customer experience strategy is a framework you can lean on to ensure quality service when the demand for quantity doesn’t seem to be letting up. It’s …

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CUSTOMER EXPERIENCE

Customer experience is the perspective customers have of your business, both during and after their initial buying journey. This perspective is influenced and informed by the product or service itself, as well as your customer-facing teams. But your opportunities in customer experience don’t start and end there. Marketing, customer retention strategies, and your reliability are …

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WHY EFFECTIVE INTERNAL COMMUNICATION IS CONSIDERED IMPORTANT

Losing a customer isn’t fun, especially if they love your product. When a customer says, “I love what you do, but I’ll never buy from you again,” It can leave a company with questions about what went wrong and how they can prevent it from happening again down the road. When a company has gaps …

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HOW SHOULD YOU EFFECTIVELY COMMUNICATE IN SALES?

Effective internal communication in a company is crucial for a successful impact on revenue and relationships with existing, loyal customers. When you disperse responsibility for customer retention throughout a company, you can get some unexpected—and negative—consequences leading to customer churn. You can also hurt sales efforts with new customers.  Consider the findings from a Workforce.com …

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