A CX Tool To
The Cost of Customer Churn
Churn can be an alarming hidden cost of business. While new customers cost more to acquire, loyal customers are 5x more likely to purchase from you again. Stay in touch — personally — throughout the customer journey to boost brand love and slash churn rates.
How Idomoo Helps You Reduce Churn
Reach customers when they’re most likely to churn, such as renewals or first bills, with a bespoke video sure to catch their attention.
Offer support that’s personal yet on-demand. Our videos provide clarity with a human touch, and interactivity lets users self-serve.
Have upcoming changes or a charge to explain? Data-driven video makes complex details easy to understand, reducing friction and boosting NPS.
You do a lot for your customers. Recap the highlights in a video that’s personalized just for them to remind them why they love you.
Personalized and Interactive Video connects with customers when they’re most likely to churn to boost retention rates.
Take a look at a few of our clients’ results.
What Customers Are Saying
Let’s TalkSee how we help the world’s top brands reduce churn with consistent personal connections. Get in touch today and we’ll show you how.
Before you can master customer retention, you’ve got to understand people. People, after all, make up 100% of your customer base. So what makes us purchase? What makes us loyal? Or, conversely, what ultimately pushes us away and makes us check out the competition? If you’re thinking cost, that’s only one factor, and as you’ll see below, it’s not even the biggest one. In this blog, we’ll shine a light on what motivates customers to stick with the same brand for the long haul. And we’ll talk about how to use retention marketing strategies to boost customer lifetime value. These are the things your boss wants you to know about customer retention. Ready? Let’s get started. 1. Current Customers Cost Less and Are Worth More You might have heard this stat — it costs 5x more to attract a new customer than it does to keep one you already have.
Customer loyalty is a potent weapon in the modern marketplace — and it’s something that every company wants to cultivate. However, many brands are finding it difficult to develop and maintain customer loyalty in this fast-moving digital age. As consumers have more choices than ever before and can switch between brands with ease, companies need to work harder than ever to earn their customers’ trust and keep them engaged — especially if they want their business to thrive. We’ll share our best tips and tricks for inspiring loyalty among today’s digital-first customers, plus examples of brand loyalty from some of the biggest brands for inspiration. Why Is Brand Loyalty Important? Brand loyalty is critical to the long-term success of your business — and for good reason, too. Just take a look at the numbers. 57% of customers spend more on brands they’re loyal to. Loyal customers are 4x more likely
In today’s business climate, customer loyalty is increasingly elusive. According to research from Inmar Intelligence, almost 65% of consumers have switched brands either “often” or “very often” within the past three months. With that being said, it’s more important than ever to make the most of your current customers — and increasing your customer lifetime value is a great way to start. Boost your customer loyalty. Encourage repeat business. Watch your bottom line grow — it’s all possible when you start investing in ways to increase your customer lifetime value. We’ll share our five top tips and tricks to help keep your CLV high throughout the customer journey. Ready to get started? Let’s go. What Is Customer Lifetime Value? Customer lifetime value (CLTV) measures the value of a customer over the course of their relationship with that business. It shows the total revenue a brand can expect to earn from
While many business owners focus on marketing their products and services to new customers, it’s important to pay attention to the customers that you already have. Your current customers are a source of repeat sales, whether you’re selling physical goods or digital marketing services. Good retention marketing practices help you build strong customer relationships over time and keep your brand top-of-mind so customers come back when they need more of your products or services. This can have a huge impact on your CX, customer satisfaction — and profits. Research from Bain & Company shows a 5% increase in retention increases profit by 25%-95%. Ready to start? Here are our tips and tricks on how you can use retention marketing to drive long-term loyalty. What Is Retention Marketing? One of the most important aspects of any business is keeping your customers happy. However, keeping your customers’ needs in mind is more
Churn management is an important component of any business. Retaining customers is more costly than acquiring new ones, so it’s vital that you understand how to keep your current clients happy and engaged. To help your business drive long-term loyalty, we’ll cover how to perform and optimize churn management by analyzing data from past interactions with customers. We’ll also cover various ways that you can use churn management techniques within your organization, including improving customer satisfaction, measuring customer loyalty, identifying problem areas within your business and implementing effective retention strategies. Churn Management Explained Churn management is the process of keeping your customers happy and loyal. It’s a key part of customer retention, but it also can lead to increased revenue and a healthier bottom line. If you can provide a great experience that makes customers want to stick around, they’ll likely be more willing to pay more for your product
The value of brand loyalty cannot be overstated — especially in the banking sector. Loyal customers recommend their bank up to 6x more, spend 25% more (on average) on their credit cards and are less likely to switch to a competitor, according to a study by Bain & Company. It’s obvious loyalty is critical for banks, but it’s getting hard to come by.
What’s the endgame of personalization? The answer is that there is no definitive answer. The need for a personalized marketing campaign depends on the business agenda of a company, organization or industry.
Why bother keeping an eye on your current customers if there’s a whole world of potential new customers ripe for the picking, right? Unfortunately for everyone, that seems to be the mentality of quite a few businesses, and it couldn’t be more wrong. While there may be a short-term gain in acquiring new customers, a model that primarily focuses on converting new versus keeping old customers will lose in the long run.
If you want to evaluate how effective your customer service program is, simply take a look at your customer retention rate. To put it simply, the definition of retention is keeping your customers. More broadly, it includes the actions brands take to reduce customer churn. The retention rate meaning, therefore, is a measure of the effectiveness of those actions. Calculating your retention rate is the quickest, simplest and most accurate way to track how healthy your current customer base is, and it’s a good way to predict future growth.