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Research shows that 72% of customers will pay more for a great service experience, and 76% will stick with a brand if they feel appreciated.
Depending on the category, new customer acquisition can cost 5x more than retaining existing customers. Companies that excel at customer experience can grow revenues by 4% to 8% above their market.
Yet, most brands focus more on acquiring new customers for growth. However, increasing competition and advertising costs require greater marketing investment while providing diminishing returns.
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“Increasing customer retention rates by just 5% can increase profits by 25% to 95%. Companies must start thinking more creatively about what yields the biggest return on investment – driving loyalty”— Dennis Gorya, Founding Partner and CCO at Tidal.
“If you are thinking ROI look no further; increasing customer retention rates by just 5% can increase profits by between 25% and 95%. Companies must start thinking more creatively about what yields the biggest return on investment – driving loyalty,” says Dennis Gorya, Founding Partner and CCO at Tidal.
“Customers are more likely to remember the bad over the good. Scientists and experts believe that this is due to our survival instinct. Humans and animals are hardwired to remember bad experiences more vividly and strive to avoid them in the future. This is why 91% of dissatisfied customers will not be willing to do business with you again, and 42% say they will not return to a brand after two bad customer experiences,” says Aziz Memon, Partner & CMO at Tidal Commerce.
Providing Customers Service using traditional customer services platforms requires significant investment and could be costing your customers, but it does not have to be a cost. Not only can customer service become a consistent source of revenue, but it can also impact the bottom line by driving costs down. New technology platforms help B2C brands transform their customer service to be human-centred.
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