Customer loyalty is one of the best drivers of revenue and profitability in a company. Keeping your customers is an effective path to long-term growth—perhaps your most effective path. Research shows that when companies reduce customer turnover by a scant 5% they add 25-95% more profit. Maybe that’s why when you search for “customer loyalty” …
Customer loyalty is when a person or organization does business with your brand 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 strategy includes your plans for both customer acquisition and customer retention. I can’t emphasize enough that acquisition and retention aren’t either/or options. Companies need both. Every company needs a way to get new customers coming in the door (customer acquisition). At the same time, companies need clear, consistent processes to keep their customers …
THE SURPRISING BYPRODUCTS OF CUSTOMER EXPERIENCE STRATEGY Read More »
Pop quiz: How much more expensive is it to acquire a new customer than to keep an existing one? If you said five times more expensive, then you’ve read a lot of the same articles I have. This has been a go-to statistic for so long, we’d be hard pressed to find someone in business …
When a business practice becomes trendy enough to merit its own acronym, you know things are getting serious. Customer experience, now known as CX, has become an important part of many companies’ strategy—and for good reason. But no matter how many Chief People Officers take the reins of customer service departments looking for a new …
Every company that wants to grow must focus on ways to reduce customer churn. It’s never fun to discover that a customer you’ve been serving wants to stop being a customer. This is especially true because your company’s ability to reduce customer churn is tied directly to your long-term growth. In this article we’ll dig …
Long-term customers don’t bloom by accident. This was originally written in May 2015. Nothing has changed for companies that want to align for growth. “Here you go.” That’s what the shoe salesman said, thrusting two boxes in my direction as he simultaneously began to walk away. I was pretty stunned and started doing a mental …
Originally posted: April 29, 2015. Updated September 14, 2020. I initially wrote this post after a visit to my brother and his family in Los Angeles. Right now, I miss my family. Heck, I even miss the annoyance of travel. And I really miss the fun, silly doughnut tradition my nephew and I created. Here’s …
Your loyal customers are in jeopardy. Right now. Your competitors are circling. They’re baiting their hooks, hoping to lure your hard-won clients away. Whether your customers bite will be directly related to the relationship you (and your company) have developed with them. In other words, your objective is not just to land customers, but to …
Everyone has their marketing pet peeve. Mine is companies that reward new customers acquisition instead of repeat buyers. And it happens All. The. Time. Just the other night, I ordered food from a delivery company I hadn’t used before. Yep, this new COVID world needed a little variety. As a first-time customer, I got the …
Marketing Pet Peeve: STOP Doing This With Your Customers! Read More »
