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Infographic: Customer Retention's Growing Importance to Businesses

Maybe it’s the result of the recent economic turbulence or just a general shift in the marketplace, but companies are focusing more and more on retaining and growing their existing customer relationships — rather than maintaining the traditional bias towards new customers.

Zendesk put together an infographic which summarizes the findings of a study on how companies are shifting their focus to customer retention as a key competitive advantage.

Here are three of biggest takeaways from the study:

1. Customer retention is now being see as a core strategic strength.

There’s always been a sense among business managers that keeping customers is as important as getting new ones. But putting them on equal footing has been hindered by a couple of things: a) a belief that customers only care about price and b) internal improvements to keep customers are too difficult. Both beliefs are changing as companies find competitors around them succeeding by taking the opposite approach.

The metrics show it — a focus on CX delivers increased transaction size, higher retention rates and even higher conversion rates of new customers

2. While the newest platforms are sexiest, the core CX is also key

There’s a tendency by companies to over focus on things like mobile platform customer experience, but the the truth is your total customer experience still depends on the core offline and online (website) experience. Getting those right is as important as focusing on the new platforms. Many companies focus on new platforms as a shortcut to impressing customers, but the underlying lack of commitment to customer experience always reveals itself.

3. Mobile is the key new focus

It depends on each business, but the general best practice (after optimizing your core CX) is to focus on the mobile experience as well as the integration between all your channels to create a seamless customer experience regardless of how they flow through your different platforms.

Infographic: Zendesk spotlights the growing focus of companies on customer retention

May 8, 2014  

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