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 …
The impact of one bad experience can be detrimental to a business and can even lead to customer churn. For companies that need renewals and repeat customers for growth—that’s most of you—a single client interaction can have massive ripple effects for your bottom line. Take for instance, an experience our Founder and CEO, Ali Cudby, …
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 …
“You can’t please everyone all the time.” You probably first heard this quote when you were a child, from a trusted adult who was trying to free you of the burden of trying to be everything to everyone. In business, it sure would be nice if this quote weren’t true. But the harsh reality is …
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 …
THE SURPRISING BYPRODUCTS OF CUSTOMER EXPERIENCE STRATEGY Read More »
Customer loyalty is when a person or organization does business with your company on a repeat basis. Does that sound like something you can take for granted? Before you say “yes,” or even “I think so,” consider that the Havas Global Meaningful Brands Study of 2019 found that 77% of brands could vanish from the …
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 …
You may wonder how there can be three types of customer loyalty, and the reality is that all loyal customers are not created equal. If you don’t understand the difference between those groups, your company can end up chasing the wrong kinds of customers, which can waste time and money. Just in case you’re not …
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 …
WHY EFFECTIVE INTERNAL COMMUNICATION IS CONSIDERED IMPORTANT Read More »
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 …
HOW SHOULD YOU EFFECTIVELY COMMUNICATE IN SALES? Read More »
