Customer retention involves the number of customers lost over a period of time. Businesses often struggle to keep up customer retention rates for a multitude of reasons. However, there are customer retention strategies and customer retention software programs that improve customer retention rates.
Traditionally, businesses and marketers were concerned more with driving sales and acquiring new customers than with engaging customers, building customer loyalty and increasing customer retention rates. Now, there is overwhelming evidence that existing customers are more profitable than new customers.
So, the challenge becomes retaining customers. And, retaining customers requires giving customers an excellent customer experience and personalizing service. Brand loyalty is a natural result of improving the customer experience and delivering the personalized service that customers expect today. The only way to deliver truly personalized service and create a meaningful customer experience is to completely understand your customers.
That’s where big data and customer retention technology come in. Your customers generate data at every touchpoint, but harnessing all of that data is a nearly impossible task without utilizing data-driven technology. You need to be able to understand each one of your customers, at the individual-level, to engage with them with the most relevant and timely messages and offers to ensure loyalty.
How does your organization address the challenges of customer retention?
For further interest:
NGDATA helps data-rich companies in financial services, media/publishing and telecom to drive connected experiences. Our next generation customer data platform, Lily™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences.Learn More...