Calculating your customer lifetime value (CLV) can seem daunting. With so many different formulas and conflicting explanations, you might be unsure where to start or even confused about what exactly it measures. But don’t worry because we’re here to explain the ins and outs of this important metric. After all, measuring your CLV can help guide marketing spend, uncover marketing impact, and identify your most valuable customers.
Excellent customer service depends on knowing what you’re selling like the back of your hand. Business Wire revealed that consumers rank “knowledge about the product or service” as one of the top qualities of customer service agents. Customers expect support agents to know everything there is to know about a company’s products and services. Simply reading out specs from a product information sheet won’t cut it.
Businesses need loyal customers. But gaining and maintaining customer loyalty is hard work. Zendesk’s CX Trends Report 2020 revealed that half of customers will leave after just one bad customer experience and 80 per cent will leave after multiple bad experiences. These scary numbers highlight just how important it is to stay on top of customer loyalty. But with so many metrics and so much data, it can be tricky to know where to start. If that sounds familiar, this article will help.
Chatbots are a great way for companies to keep up with growing customer expectations. As AI-powered solutions get more sophisticated, customers are more open to chatting with a bot. Indeed, Zendesk’s CX Trends 2022 Report found that 69 per cent of customers are willing to interact with a bot on simple issues. And with good reason. Bots are fast and responsive. Plus, it’s a lot easier to be there for your customers with a chatbot on your team.
As shoppers trend towards becoming true omnichannel consumers, they’re opening both their real and virtual wallets. Consumers who blur the line between IRL and online shopping spend 70% more often – and about 34% more than people who shop exclusively in-store, according to McKinsey.
Delivering an outstanding customer experience (CX) has never been more important. In fact, according to the findings of the Zendesk CX Accelerator 2022 report, customers are even less patient now than they were a year ago when it comes to the quality of the interactions they have with companies. Failure to meet their expectations can also carry a heavy cost, pushing customers towards competitors, denting revenue growth, and reducing net promoter scores.
When someone makes an insurance claim, they’re under a lot of stress. Maybe their son just totalled the car or their house caught fire. It’s already a very bad day. Filing a claim might be the last thing on their mind when the unexpected happens. And if the claims process isn’t simple, it can add frustration to an already stressful time. Enduring that kind of bad experience can mean the end of a customer relationship.
Nobody likes losing customers. And for many businesses that made the shift to operating online during the pandemic, it’s been a challenge to connect with customers on a personal level. We’ve learned that the tools we use to connect can either hinder or help us. Fortunately, there’s a wide range of digital platforms that can help you understand your customers in a deeper and more meaningful way.
Giving thanks for new Zendesk app integrations. Learn all about how these integrations can help out your sales and support teams.
With concerns about a worldwide recession, it’s no surprise that shoppers are in a bit of a slump. But there’s some encouraging news: consumers across the globe are estimated to spend.301 trillion more on retail goods in 2022 over the previous year and digital spending is expected to total.717 billion worldwide. “Consumer staying power may be waning but it's showing few signs of breaking”, Tim Quinlan, a senior economist at Wells Fargo, told Reuters.
