Archived Issue
Vox Voice
Issue II
October 25, 2007
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In this issue, we explore the bottom-line value of customer retention. Retention statistics are impressive. For example,if your business maintains current acquisition rates and bumps retention rates by just 5 percent, your profits will soar by a whopping 50 to 125 percent. A focus on retention helps grow your customer base exponentially. Plus happy, loyal and long-term customers are often your best marketers and can help attract new customers. I hope you enjoy this issue and
can take away some useful tips.
- Bill Cusick, President
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Customer Retention Statistics
A 2% increase in customer retention has the same effect on profits as cutting
costs by 10%
- Bain & Co.
The top 10% of your customers are worth 5 to 10 times as much in potential lifetime profits as the bottom 10%
- Frederick F. Reichheld, Learning from Customer Defections
Extending customer life cycles by three years can triple profits per customer
- Bnet Editorial, Measuring and Growing Customer Lifetime Value
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Vox Happenings - Bill Cusick Speaks at AMA Customer Experience Event
Video of this presentation will be available on our website soon.
Presentation Synopsis - Beware Customer Satisfaction
In a competitive business world, companies often lean on customer satisfaction surveys to measure Customer Experience. During this presentation you will be introduced to the concept of the irrational customer and learn why customer satisfaction surveys cannot accurately measure the happiness of a customer or their propensity to stay. You will also discover three simple ways your company can begin to improve overall Customer Experience, retention and profitability.
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Article - Even Mr. Popular Needs to Focus on Retention
http://www.voxinc.com/customer-experience-articles/even-mr-popular-needs-to-focus-on-retention.htm
Read more about Apple and their recent CE woes - http://www.voxinc.com/customer-experience-articles/apples-new-enemy-indecision.htm
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Case Study - Creating a Rewarding Quote Process
http://www.voxinc.com/case-studies/Vox-Case-Studies-Creating-a-Rewarding-Quote-Process.htm
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Vox CE Opinion Piece - Are Banks Conning Customers?
http://www.voxinc.com/customer-experience-articles/are-banks-conning-customers.htm
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In the next issue
November: GIVING THANKS TO YOUR CUSTOMERS
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Newsletter Archives
- Issue VII - March 31, 2008
- Issue VI - February 28, 2008
- Issue V - January 31, 2008
- Issue IV - December 19, 2007
- Issue III - November 27, 2007
- Issue II - October 25, 2007
- Issue I - September 25, 2007
