customer retention
How to Measure Customer Retention
Shep Hyken | June 24, 2020
By Shep Hyken Get ready to do a little math. While not my typical lesson, this is very important. It’s about customer retention—which can lead to customer loyalty. Loyal customers are important to all businesses regardless of industry or size—large, small, B2B or B2C. Most businesses know their numbers, but do they know the right numbers? It’s easy to measure customer satisfaction at different levels. We find out how they liked our experience. We know that if they liked the experience, that is the first step in getting them to come back. The “getting them to come back” number is different than the “were you happy with us?...
You May Not Know It, But You’re in the Subscription Business
Shep Hyken | June 18, 2020
By Shep Hyken I have an idea about renewals. Most people think that a renewal applies to some type of subscription. You renew your subscription to a magazine, a maintenance contract or a software program. But what if renewal had a broader meaning? What if renewal simply meant that the customer comes back—again and again? While repeat business may not be as steady as a subscription renewal, it can still be tracked in a similar way. A business with a true subscription model can predict renewals. Over time, any business can track return customers who, in a sense, are renewing their trust in the business to purchase from them again. ...
ABC(3): Above and Beyond Plus 3 Cs to Deliver!
Roger Wolkoff | July 19, 2019
By Roger Wolkoff I'm guessing you've heard the phrase "above and beyond" before, especially when it comes to delivering exceptional customer service and care to your clients. But I'll wager that you haven't heard how you can use the ABC(3) model of customer service to deliver on "above and beyond." The C(3) or "C to the third power" part of the model gives you three ways to deliver on above and beyond. Perhaps you're new to the service industry. Or maybe you've spent years delighting and thrilling customers. Somewhere along your journey, you've read or heard the phrase go "above and beyond." Here are three perspectives to consider when...
The “No Problem” Problem
Roger Wolkoff | June 5, 2019
By Roger Wolkoff I walk into the hotel, wheeling my luggage and briefcase behind me. I am taken aback by the spacious and open modern lobby. I approach the front desk, and Carlos greets me with a smile. We have a friendly exchange - how are you doing, did you have a good flight, how do you like our city - that kind of thing. I ask for a restaurant recommendation for dinner, and he tells me about a fascinating off-the-beaten-path bistro that has excellent reviews. I thank him, and he says, "No problem." And there it is. Hanging like a lead balloon. No problem. What's the problem with "no problem?" It's an inhe...
