Customer Intelligence – May Edition
Customer Intelligence – May Edition
Often, leaders focus on significant opportunities while working on retention strategies, but the truth is that the small, readily available retention opportunities to retain customers bring in the best results. While the strategies evolve to accommodate new needs and expectations, here are some pieces of wisdom from the best of the internet to aid leaders in the churn with their retention game.
How Machine Learning Can Improve the Customer Experience
While businesses have their focus on how advanced and impressive the core technology is, it distracts from focusing intensely on its tangible value proposition — the precise ways in which it can render business processes more effective. This blog shows how technology can render services to improve the customer experience with a solution-driven approach. Read more on how AI/ML betters customer experience in this read from HBR.
3 Ways Companies Get Customer Experience Wrong
Another great read from Harvard Business Review describes how updating retention strategies is the need of the hour. The blog talks about common missteps, such as relying on old strategies and not focusing much on investing in identifying new customer segments. This article is a must-read for businesses trying to fortify their retention strategies and experiment with new CX programs.
3 Database Strategies to Drive Better Customer Acquisition and Retention
This blog from Forbes reiterates the value of a good database. The article’s main themes are increasing volume and depth to expand the reach and focus on quality first with ongoing maintenance. Read on to understand the quality and depth of a solid database and its effect on a business.
Top Revenue Growth Opportunities That Don’t Involve New Customer Acquisition
New customer acquisition is a clear benchmark for growth. However, several less-tapped growth opportunities can boost the overall customer revenue by supporting your sales goals and reducing the acquisition cost. This article shows six new opportunities for revenue growth, from upselling and cross-selling to price increase, and reducing the cost of service, opportunities that do not need companies to acquire new customers.
As US Consumers Get More Cautious, Consider These E-commerce Strategies
Consumers are getting cautious with their spending. It just means that leaders must devise more persuasive and genuinely beneficial approaches. From reviewing costs to ridding customers of their fears and reserves and winning their trust, the tips on this blog will be beneficial to review.
How is a Proactive Approach the Best way to Drive Customer Retention?
Intense competition and the volatile nature of customer expectations are two things that drive the risk of churn. This blog shows how to ensure customer loyalty by focusing on the customer lifecycle. Early detection, risk-based segmentation, and a proactive approach are the three topics of discussion in the blog.
Three ways energy providers can boost resilience and digital CX
Let’s end the list with a study by Mckinsey for energy providers. Electric power and natural gas organizations are at an inflection point, facing a convergence of challenging global trends in market and customer dynamics. This piece shows how to boost resilience with hurdles like ambiguous business cases and more with solutions to get it right.
This was our list of the best of internet from the month of April on customer experience. To be notified with the best of internet on churn and more on how retention strategies are evolving, keep us in your emails. Let us know if you have more articles that reflect the advancement of retention and subscribe to be notified with our blogs on churn.