Top Revenue Growth Opportunities That Don’t Involve New Customer Acquisition
Vasudeva Akula
Sales or new customer acquisition is the most fundamental and obvious contributor to revenue growth. When we set a higher revenue target for a new financial year, we establish new benchmarks for sales efforts that highlight how many new customers we should aim to acquire …
Five Strategic Enablers Of AI-Driven Retention Transformation
As the complexity of customer churn grows, retention approaches are also evolving to tackle the churn risk and protect customer revenue—and AI can play an instrumental role in that. For many leading recurring revenue businesses, AI is transforming retention by leveraging customer data, advanced analytics …
Applying Gartner’s Analytics Maturity Model To Assess Your Customer Retention Program
Data fuels a customer retention program. Customer data collected from various touchpoints is key to deciphering customer behavior and implementing effective retention strategies by improving customer experience and engagement. A 2013 study by McKinsey found that data-driven organizations are 23 times more likely to outcompete …
Five Ways Decoding Sentiments Can Nurture Long-Term Loyalty
Sentiment analysis, also known as opinion mining, helps customer-facing businesses know their customers better and build stronger relationships with them. This is because sentiments have a critical role in a buying decision and customer life cycle. Customers associate them with the product or service and …
Empowering The Front Line To Minimize Customer Churn
Contact center agents, field service professionals, technicians, services reps—these are a few of the many roles that constitute your front line. The front line is a crucial part of your enterprise since these employees are your first line of communication with your customers. How they …
Why And How You Should Celebrate Customer Retention The Same As Acquisition
Customer acquisition vs. customer retention — the comparison has existed for quite some time, especially with global enterprises realizing the impact of customer churn on the bottom line and long-term growth. But most companies, regardless of size and scale, focus more on new acquisitions. They …
Five Tips For Creating A Successful AI-Driven Customer Winback Strategy
With rising competition and evolving customer expectations, companies realize the growing importance of customer retention. Customer churn is a grave concern for any recurring revenue business. It means lost future revenue and hampers a company’s bottom-line growth. Its impact further leads to lost referrals and …
Five Steps To Achieving A Customer Lifetime Value (CLV) Breakthrough
Customer Lifetime Value (CLV) is a key metric for measuring long-term growth. It’s a direct indicator of how much value a customer is expected to create over the lifetime of their association with your business. A 2018 Criteo survey results indicated that 81% of marketers …
Why Your AI Project Is Failing To Deliver Value
While working with our clients, we have seen the transformational effect artificial intelligence (AI) has on customer experience, cost reduction and profitability. Considering the opportunities and advantages that AI delivers, it’s not surprising to witness its growing adoption globally. Results from Algorithmia’s third annual survey, …
Three Ways AI Can Protect Revenue And Bring Costs Down During Challenging Times
The unprecedented disruption caused by the Covid-19 pandemic has significantly affected the way businesses across the world deliver products and services to their customers. As the economy gradually starts to open, the businesses that focus on understanding their customers and ensuring customer experience continuity will …
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