Marketers have long struggled to understand more about and manage customer churn. Find out which customers have churned, the cause for churn, and, most importantly, how to prevent these customers from churning in the first place are invaluable insights, but marketers have always needed to conduct expensive surveys or try different approaches to answer these questions. If you use AI to predict customer churn, however, you can finally gain the insights and answers you need. Better still, AI can help you intervene to prevent these customers from leaving your brand in the first place.
Retain customers with best-in-class experiences
Customer retention is all about creating memorable and seamless customer experiences throughout the entire customer journey. Regardless of your business model or products, everything from the first point at which the customer discovers your brand, through to the first purchase, and extending into customer service and repeat purchases needs to align with the consumer’s expectations. When the customer experience breaks down or results in a negative interaction, the customer is at risk of churning.Read More
In any arts organization, every interaction plays a pivotal role in building valuable patron relationships. Every step in the customer journey, beginning with a website browse, to purchasing a single show ticket, to buying second or third tickets, gives you opportunities to convert your patrons into valuable subscribers. However, with so many different interactions and opportunities, it is often difficult to know where to begin and launching the initiatives that engage patrons can be a daunting task. Taking a phased approach will help. From market segmentation to campaign execution, to programs and events, here are the tactics you should launch to engage, intrigue, and convert single ticket buyers to subscribers.
Phase one – Launch segmentation, flexible price incentives, and calls to action
During the first phase of your subscription upsell initiative, you should not only focus on launching and testing new campaigns but also lay the foundation for the campaigns and offers you want to run in the future. It’s important to gather data and feedback that helps you gain a better understanding of your single ticket buyers, test new approaches, and plan for new processes and tools that will enable you to develop more complex upsell programs in the future. Here are some of the tactics you should consider if you are in the early stages of converting single ticket buyers into subscribers.Read More
Net Promoter Score (NPS) has become a KPI at many organizations, and for good reason. It is simple to measure and has the distinctive ability to indicate how the business will perform on several other metrics, including customer retention and revenue.
The challenge with current NPS data approaches
While NPS is easy to measure, it is difficult to improve. Organizations understand that detractors have low NPS because they have had an unsatisfactory experience at some point in their customer journey. However, identifying where or when the unsatisfactory experience occurred is a challenge. This is especially true for financial services organizations, where customers have unique and complex journeys through various different products and services. NPS suffers from these challenges for a few reasons:Read More
In our last blog post, we touted the benefits and popularity of one-click email surveys, particularly compared to traditional tools like Google Forms and SurveyMonkey. But how do these surveys perform in terms of engagement?
Online surveys typically suffer from low response rates (and even lower completion rates, especially if a survey takes more than a few minutes to complete). A University of Florida study found that online surveys are 11% less effective than mail/phone surveys, and response rates of 2% are not uncommon. The advantage, of course, is that online surveys cost very little to run, and give easy access to tens of thousands of respondents.Read More
Every company wants to be asking customers how they can improve their products and deliver a better customer experience. This feedback is often collected through telephone calls, focus groups, or conference workshops. From our experience, the most common approach is a digital survey, where a customer receives an email asking them to fill out a long website-based feedback form. (more…)Read More
Marketers know that customer retention plays an important role in fostering customer loyalty and revenue growth. After all, if you are losing a large chunk of the customers you bring in every month, then your hard-earned customer acquisition efforts are being siphoned away by churn.
But how do you know if your recent marketing and retention campaigns are performing well? In aggregate, top-line metrics such as customer growth or total revenue tell you very little about your individual customers, and can even hide recent successes – or problems – in your acquisition or retention efforts. Are newer customers acting in a similar way as our customers have in the past? Do these new customers spend as much as past customers? How much are they likely to spend in their first year?Read More
In recent months, the term Customer Success has been getting more interest from companies, particularly for those focused on online sales. “Customer success” however is still a largely ambiguous idea, one that few companies have actively explored and engaged with. In light of this week’s Pulse Customer Success conference, we thought it would be helpful to discuss the term in detail, explain what it actually means, and outline how your company can strategize around it.
From Customer Service to Success
No company will doubt the value of customer service, whether it is to help customers use products, answer questions, or even sell more products. Many companies have grown quickly and made headlines through incredible customer service. Links to screenshots showing the wonderful customer service agents of companies like Amazon, NetFlix, and Zappos abound (see Amazon and Zappos examples). Good customer service, many would argue, is the key to a successful business.Read More
Most companies assume customer value is directly measured by the amount of revenue generated by a customer. While a company’s accounting department should probably think of customers in terms of revenue, profit, and loss, the true worth of a customer is multidimensional, and marketers should consider all of the dimensions that create customer value. Depending on your business model, your financial state, and the maturity of your company, choosing the right dimensions on which to measure customer value can mean the difference between success and failure.
So what are the factors that make a customer valuable? We have outlined four dimensions of customer value: revenue, loyalty, sentiment, and engagement. Find out how you can adjust your strategy for each dimension and create marketing offers, loyalty programs, customer service, and other programs to drive more value.Read More