Customer retention is critical for business survival and growth. Econsultancy research indicates that organisations that make Customer Experience (CX) a strategic priority outperform their competitors by a significant margin. One of the reasons for this is that CX leaders understand that marketers need to take a balanced approach to driving intention to purchase with customer retention. Those organisations that miss out on customer retention miss out on opportunities for growth.
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1. Introduction Customer retention refers to the ability of an organisation to retain the same customer over a period of time. Companies that enjoy high levels of retention benefit from more reliable revenue streams and a high degree of brand equity. Although there is a strong business rationale for focusing on customer retention, many marketers […]
1. Executive Summary Customer Lifetime Value (CLV) is considered one of the most important factors in determining present and future success of a business. However, less than half of those surveyed for this research said they were able to measure CLV. With it costing less to retain a customer than acquire a new one and […]
1. Executive summary and highlights The Customer Lifetime Value Report, published by Econsultancy in partnership with RedEye, is based on a survey of marketers across a range of business sectors, as well as agencies and vendors supplying technology and services. Customer lifetime value (CLTV) is the total worth of an individual customer over the lifespan […]
1. Introduction Organising large amounts of customer data is becoming a huge challenge for marketers who want a ‘360 degree view’ of their customers. Customer data platforms (CDPs) offer a way for organisations to bring together disparate customer data into one place, to allow for the easy sharing of this information with other systems. This […]
1. Introduction 1.1 About this report Econsultancy’s series of Best Practice Guides have been created for modern marketing professionals who typically work in marketing or ecommerce roles. Given the ongoing significance of email, this guide will be relevant to CEOs to understand the business case for email, as well as anyone working in a marketing […]
1. Introduction Personalisation is all about delivering greater relevance to customers and providing a richer experience by serving the right message on the right channel at the right time. Companies that harness the power of personalisation and offer experiences tailored to each consumer’s specific needs will find their customers are more likely to continue their […]
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