How to calculate customer retention rate
How to calculate customer retention rate SHARE THE ARTICLE ON Table of Contents Customer retention is a measure of how loyal your customers are with
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We’ve been avid users of the Voxco platform now for over 20 years. It gives us the flexibility to routinely enhance our survey toolkit and provides our clients with a more robust dataset and story to tell their clients.
Steve Male
VP Innovation & Strategic Partnerships, The Logit Group
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Find the best customer experience platform
Uncover customer pain points, analyze feedback and run successful CX programs with the best CX platform for your team.
We’ve been avid users of the Voxco platform now for over 20 years. It gives us the flexibility to routinely enhance our survey toolkit and provides our clients with a more robust dataset and story to tell their clients.
Steve Male
VP Innovation & Strategic Partnerships, The Logit Group
Explore Regional Offices
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Customer feedback is important. You know that! With every survey that goes out, you receive customer feedback, an NPS® score, a review, a suggestion, or a complaint, all of which indicate how satisfied or dissatisfied your customers are with you.
Be it negative or positive feedback, the goal is to use customer feedback effectively. The feedback that doesn’t get used is just noise.
The “close the loop” process is key when trying to act directly on customer satisfaction, but it also allows you to improve the continuous training of your employees and the optimization of the customer journey (management of the wait in store, clarity of explanation).
Customer feedback, because it is precise, allows you to identify and understand the opportunities for improvement specific to each channel or each employee.
Here’s how to put customer feedback at the heart of your company’s employee training strategy:
Coaches help employees respond appropriately, separating customers who offer constructive feedback from those who offer aggressive feedback. You may have reached the point of no return with a customer. Remember, the goal is not to satisfy the customer at all costs; the goal is to create profitable promoters.
Engage managers, executives, and the entire group in customer recall to put continuous improvement of the experience at the heart of the corporate culture.
When you effectively use customer feedback, you see the benefits. A customer-centric strategy using customer feedback can improve the quality of your customer’s experience and lead to more satisfied customers. Once you’ve removed the barriers employees face when fulfilling customer requests, the entire process of meeting customer needs becomes seamless.
Voxco Insights can help you analyze customer feedback to improve your employees’ efficiency and performance. It offers real-time insights to improve coordination among teams.
Boost employee performance & efficiency with customer feedback.
Deliver the right insight in the right hand in real-time.
About the Author
Anne Sobecki
Anne is the VP, Customer Experience at Voxco. With a decade of experience in guiding businesses towards creating improved customer experiences, Anne specializes in strategies that help businesses drive growth, maximize loyalty and optimize omnichannel customer experiences.
Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.
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