Remove Customer Retention Remove Lifetime Customer Remove Social Media
article thumbnail

The True Cost of Losing a Customer

BlueOcean

Consider these statistics from a recent survey from NewVoiceMedia: After experiencing poor customer service: • 37% of customers would change their supplier. • 28% would post a negative online review. • 26% would complain via social media. • 13% would tell friends/colleagues. • 10% would inform the media.

article thumbnail

The True Cost of Losing a Customer

BlueOcean

TL;DR: With every customer loss, you’re missing out on prospects and falling short of your lifetime customer value potential. But if that interaction also ends negatively, the customer support experience can become the straw that breaks the camel’s back.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Measuring Customer Service Performance: Lifetime Customer Value

CSM Magazine

In that perfect world, customer retention would be at 100% and customer turnover would be zero. Since that’s not the world we live in, customers need to experience prompt and dedicated attention at every major customer touch point. The Extensive Effort Behind Lifetime Customer Value.

article thumbnail

Validating Your Outsourced Customer Care Partnership: Is Your Incumbent “Still the One”?

BlueOcean

Well, in a B2B customer success model, measuring renewal rates holds your outsourced partner accountable to targets that are tied to revenue and retention. Total Value Returned Rate is a key metric that also has to be tied to customer retention. What about feedback via social media networks?

article thumbnail

10 Ways to Turn Holiday Shoppers into Lifetime Customers

Optimove

Anything customers wear or use where others can see it provides you with free advertising. Especially with the power of influencers, TikTok and social media in general, the power of a constant visual reminder of your brand shouldnt be underestimated for its power to drive further customer engagement.

article thumbnail

7 Ways Customer Service Can Support Sales

Tricia Morris

If your brand focuses on consistent and authentic customer service and engagement both before and after the sale, a one-time customer can become a lifetime customer who also creates additional customers. Customer Retention through Action on Feedback.

Sales 86
article thumbnail

Measuring ROI of Customer Centricity-Changes in Customer Value

CCO Council

In my previous post I described the historical retrospective approach whereby incremental per-customer or per–segment revenue gains are correlated with increasing loyalty and engagement. Expected change in customer value is another valuable means of demonstrating ROI.