Customer churn is an unfortunate reality of any B2C or B2B business.
However, even if a belgium phone numbers customer loves your product or service, there is no guarantee that they will stay with you indefinitely.
Customers can leave for a number of reasons, including price discrepancies, unresolved complaints, poor service, competitors offering better value, and more. Reactivating existing customers with the right customer retention strategy can significantly increase your profits.
By using customer feedback, you can gather real insights about your customers, which will help you retain them and bring back lost ones.
What is customer feedback and why is it important?
Customer feedback is information provided by customers about whether they are satisfied or dissatisfied with a product or service, and their overall experience with a company.
Customer feedback can help you improve your customer experience and tailor your actions to their needs.
Various types of surveys, such as pop-up surveys, are used to collect this information (prompt feedback).
Customer feedback helps improve products and services.
Customer feedback allows you to assess customer satisfaction.
Collecting customer feedback shows that you value their opinions.
Customer feedback helps you deliver the best possible experience to your customers.
Customer feedback increases customer retention
Why Customer Churn Hurts Your Business
You might wonder, “Why should I try so hard to keep customers when I can find new ones?” After all, it doesn’t add up, does it? It doesn’t.
It has been proven that increasing customer retention rates by 5% can increase profits by 25% to 95%. It is easier, cheaper and safer to focus on retaining existing customers rather than continually investing in attracting new ones.
For starters, customers are going to change their minds about you. It's even more expensive.
It costs five times more to acquire a new customer than to retain an existing one. However, the cost is not only money, but also time, effort, and resources.
