Customer Success 360: A Collection of Resources to Help You Satisfy and Retain Paying Customers

Hi there,

We've officially ended the first month of H2! Whoop Whoop ??

As the holidays approach, the importance of quality customer experience cannot be stressed enough. If one of your biggest nightmares during the busy season is losing customers, you are not alone.

In today's edition, we've collected the top resources to sharpen your Customer Experience.

?? Understanding Customers' Pain Points

It's impossible to improve something without first identifying areas for improvement.

According to a published survey, over half (51%) of customers worldwide believe businesses don’t listen to their feedback. To turn this around, you need to have a direct channel for customers to voice out their experiences, opinions, and suggestions. The easiest way to do this is by integrating customer feedback tools.

Discover the top 12 customer feedback tools for 2024 ??

?? Making Your Customers Stick

After discovering the aspects of your business and service that need improvement, the next step is setting up systems to help you r business become customers' first pick.

Customer stickiness is a metric that measures how likely your customers will stay loyal to your brand, product, or service over time. Unlike retention, this metric provides insights into why customers remain loyal to a brand, focusing on the transactional value they experience.

Here are 4 proven strategies to increase customer stickiness ??

?? Building Brand Loyalty

The probability of selling to a new customer sits around 5 to 20% , while the same probability is 60 to 70% for existing customers. This is why it's essential to establish strategies to help you build customer loyalty.

There are various types of customer loyalty for eCommerce businesses and some proven strategies to help you achieve them.

Learn more about that in this article ??

?? Winning Back Lost Customers

After addressing customers' concerns, becoming their top choice, and gaining their loyalty, the next thing to consider is winning back former customers.

And no, it's not impossible, you just don't know how ??

A customer win-back campaign is a strategic approach businesses use to re-engage with inactive or lapsed customers. It goes beyond messages or email reminders

7 tips to help you reignite interest, restore trust, and ultimately boost your bottom line

?? Measuring Customer Retention

Now that your customers are up and stuck, shout out to Cardi B ??, the next step is measuring their retention overtime.

U.S. companies could save over $35 billion every year just by keeping existing customers. Meanwhile, losing them can cost $168 billion. It's important to consistently measure customer retention to be aware of how the strategies above directly impact your customers' experiences.

Check out the retention metrics that matter most and how to calculate them ??

?? Recover Lost Payments

Something that goes hand-in-hand with poor customer success is failed payments. — particularly for subscription businesses.

Some stats to keep in mind:

• Almost 50% of all churn is caused by failed payments
• Businesses lose around 10% of their revenue because of failed payments
• More than 85% of customers never respond to automatic dunning emails

RecoverPayments is a service that helps businesses recover at least 50% of their monthly lost revenue and improve customer retention for subscription-based businesses. They do this through a done-for-you failed payment recovery service and application.

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