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It’s simply the average profit you’ll generate with your customers over the lifetime of the relationship. By working to increase your customer lifetime value, you can afford to spend more on advertising, out-market competitors, and increase company profits. How do you get your customers to keep coming back?
Thats customer retention at workusing incentives and positive experiences to keep you coming back. Customer retention matters because keeping your customers is easier than chasing new ones. Because your existing customers have already said “yes” to your brand at least once.
A company, despite investing heavily in marketing and advertising, struggles to retain its customer base and faces a decline in sales. Well, here’s a startling statistic to ponder: 82% of customers stop doing business with a company due to poorcustomerservice. Sound familiar?
Customer Satisfaction Customer Retention Customer Loyalty How SurveySparrow Helps Increase Customer Satisfaction Bottom Line Customer Satisfaction The first set of statistics focuses on customer satisfaction, demonstrating how vital it is for businesses to provide exceptionalcustomerservice and experiences.
After all, you can’t consistently deliver at such a high level — at every customer touch point — if only certain people are responsible for making sure it happens. A process is what keeps you anchored, consistent and aligned with the values the organization advertises to the world.
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