Understand why customer retention is so important

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Understand why customer retention is so important The growth of your company is related not only to gaining new audiences, but also to retaining customers. The work of helping customers see value on an ongoing basis is difficult but critical to the company's success. Here, we will address some important questions for customer retention. ustomer retention The growth of your company is related not only to gaining new audiences, but also to retaining customers. The work of helping customers see value on an ongoing basis is difficult but critical to the company's success. Here, we will address some important questions for customer retention. Check out!. What is customer retention management? Customer retention management is the work of maintaining relationships with your customers even after they have purchased your product or service. With this, you encourage the loyalty of these customers. The idea here is to delight consumers throughout their relationship with your company. It is worth remembering that all sectors of the company need to work towards this same objective, some more directly and others less.

Sales, service and support teams, for example, have functions that have the potential to directly affect customer retention. But the entire company must work to organize, manage and improve all aspects of the customer experience with the goal of consistently delighting and improving customer retention. Why is customer retention important? Increasing customer retention rates by 5% increases profits by 25% to 95%. In other words, customer loyalty directly impacts companies’ revenue. The data comes from a survey published by Harvard Business Review and shows that investing in loyalty is an Brazil Phone Number Data economic necessity. The report The True Value of Customer Experiences, Deloitte, 2018, also identified that more satisfied customers increase the customer retention rate and recurring revenue. According to data, customers who enjoy positive experiences tend to spend 140% more than customers who report negative experiences. Another important point is that customers who enjoy positive experiences tend to remain customers for five years longer than customers who have had negative experiences.



Also according to Deloitte, offering positive customer experiences can reduce your customer service cost by up to 33%. But if customer retention says a lot about customer satisfaction and loyalty, it also talks about new customers. At the same time as they buy more, loyal consumers also become promoters of their brand and are responsible for referring new customers to companies, which makes them even more valuable. On the other hand, a bad experience can end up being a bad deal. “Customers are likely to mention a positive customer experience to an average of nine people, while they are likely to tell 16 people about negative experiences,” according to the report. In other words, with ChatGuru, you will be able to increase your audience's satisfaction, loyalty and customer retention levels while increasing the productivity of your service team. Our communication software can be used to automate different stages of your company's communication. It can be used to capture and qualify leads, nurture contacts, manage stages of the sales funnel and interact with customers quickly, to clarify doubts, send information, among many other possibilities.