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How Customer Retention Strategies Can Facilitate Business Growth

InMoment XI

While these strategies can vary based on your business model or resources available to your customer experience program, these proven strategies can help any organization reduce customer churn and improve customer retention. 79% of consumers say that loyalty programs caused them to purchase from an organization more frequently.

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Reduce Customer Churn to Boost Revenue and Stay Competitive

InMoment XI

Invest in Customer Loyalty Strong customer loyalty is key to reducing churn. Besides improving customer experiences, you can encourage loyalty with rewards and incentives. A good loyalty program goes a long way toward strengthening relationships and increasing customer lifetime value. Accessed 12/09/2024.

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Top 5 Customer Service & CX Articles for Week of November 4, 2024

ShepHyken

Seven loyalty program types: Pick the perfect fit by Marcus Marius (Dynamic Business) Did you know that companies that invest in loyalty programs report up to a 40% increase in revenue? My Comment: I’ve written many articles about loyalty programs. You can read the press release here.

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Customer Experience Management: Why It’s Key for Retention and Growth

InMoment XI

A hotel chain implements a loyalty program to reward repeat customers with points that can be redeemed for discounts or other special offers. The program is likely to boost satisfaction and give existing customers an incentive to book rooms in the future. 35 customer experience statistics to know for 2024. ( [link] ).

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Top 5 Customer Service & CX Articles for Week of January 8, 2024

ShepHyken

Deloitte Shares Loyalty Trends and Best Practices for 2024 by Alicia Esposito (Retail TouchPoints) To drive customer retention and loyalty, most brands and retailers continue to rely on purchase discounts (77%) and loyalty program points (61%), according to Retail TouchPoints research.

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How to Improve Customer Experience In Your Organization

InMoment XI

Reward Loyal Customers Implement a customer loyalty or rewards program that acknowledges and incentivizes repeat business. 83% of consumers say that belonging to a loyalty program influences them to buy from a brand again. Accessed 9/13/2024. Accessed 9/13/2024. Accessed 9/16/2024. Accessed 9/17/2024.

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Voice of Customer Analysis to Improve Customer Loyalty and Retention

InMoment XI

If feedback analysis suggests that customers expect more incentives, you can retain more customers by investing in a loyalty program. Must-know customer service statistics of 2024 ( [link] ). Accessed 11/14/2024. 69+ Eye-Opening Customer Retention Statistics to Know in 2024 ( [link] ). Accessed 11/14/2024.