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Here are some of the most comprehensive facts and figures that I’ve come across: A recent study of the Value of Customer Experience amongst two $1 billion+ businesses published in Harvard Business Review (HBR) managed to quantify the effects of good customer experience. Your existing customers are far easier to upsell.
According to the Zendesk study, 73% of customers will switch to a competitor after multiple bad customer experiences. More cross-selling and upselling opportunities Targeting customers with personalized recommendations can generate significant revenue growth. But it doesn’t come easy. But it doesn’t come easy.
Upselling can boost revenue and enhance the shopping experience, making it a vital strategy for sustained success. Download the case study to see the full impact of our training program and uncover insights that can drive your business forward.
In fact, in a three-year study, companies that implemented a well-designed customer success program saw a 91% return on investment and more productive CX teams. Account management Offer workshops on relationship-building, active listening, and consultative selling for identifying upsell or cross-sell opportunities.
A study by Aspect Software found that companies that adopt omnichannel strategies achieve 91% greater year-over-year customer retention rates compared to companies that don’t. . Increased cross-selling and upselling opportunities . This could include phone, email, live chat, social media, and more. What is a contact center CRM?
According to the 2024 Customer Success Leadership Study , the number of customer success teams under the CRO jumped from 24% in 2023 to 33% in 2024. Will CSMs struggle to maintain a customer-first mindset and spend all their time on upsells, rather than learning about their big picture goals and helping them navigate the path to get there?
Case study: Booz Allen. Case study: LUX Resorts. Case Study: Air Mauritius. This could include highlighting help documentation or pointing out upselling or cross-selling opportunities. When this is the case, make training materials available right away so new hires can familiarize themselves with the role.
Customers can become a crucial part of your outbound content strategy through customer case studies, referrals, marketing opportunities, and more. . In this article, we’ll look at the critical parts of a case study to ensure your team creates the most compelling, valuable stories to help tell – and sell – your company’s value.
In 2024s Customer Success Leadership Study , 87% of participants said their teams use or have immediate plans to adopt AI. But it doesnt know that this is a healthy customer whom you intend to upsell next quarter. However, only 21% said they have purpose-built AI products in their CS tech stacks.
Some studies report that 73% of customers will switch brands after multiple bad experiences—and over half will switch after just one bad experience. A reduced average customer lifetime value can be financially crippling for your company.
Real-time transcription can be used to study and enhance agent engagement, service, and information delivery with innovative artificial intelligence. During these calls, AI can suggest specific products for your agents to upsell to customers. Utilize Real-Time Transcription. Upgrade Old Technology.
A case study by Idaho Central Union by Avinash Bhaisa . My Comment: This is a great case study that proves that CX impacts the bottom line. Stats and facts prove that a personalized experience allows you to upsell, cross-sell and create customer loyalty. Here are my top five picks from last week. Is CX tied to revenue gains?
Take a look at our top 5 posts for the month—topics included insights on digital channels from a global industry study; the value that speech analytics brings to QM; online communities; the fundamentals of proper staffing; and effective upselling techniques. Study Finds Digital […].
If your contact center isn’t currently focusing on cross-selling and upselling, you’re missing a great opportunity to strengthen customer relationships and increase revenue. Our original contact center research revealed that 28 percent of contact centers generate 11 to 20 percent of their revenue from cross-selling and upselling.
Also, agents with insight into how customers have interacted with sales teams have increased upsell and cross-selling opportunities.” As we have written in a recent case study, even companies that previously used on-premise systems had to quickly shift their operations onto cloud software.
According to a recent study, it was found that as much as 86% of buyers were willing to pay more for better customer experience. Customer experience and customer service are often used interchangeably and are the buzzwords for businesses in the age of instant gratuity. While they are not the same thing, they do happen to be related.
Proactive Communication Share industry tips, case studies, and updates about new features or services through email or social media to continuously educate your audience. How Can Customer Education Benefit Your Business? Enhances Customer Experience A well-informed customer is an empowered customer.
ChurnZeros latest Customer Success Leadership Study found that technology adoption shifts depending on company size by revenue. Upsell opportunities. According to the 2024 Leadership Study, only 21% of participants had incorporated AI (despite 87% indicating they are using or plan to use it in their work).
According to a PWC study, 80% of US consumers regard “speed, convenience, knowledgeable help, and friendly service as the most important elements of a positive customer experience.” What’s more, satisfied customers become loyal brand advocates, spreading the good word across their network.
Loyalty programs, incentives for larger orders, cross-sells, upsells, and more are included. While retailers are investing big in shoring up digital capabilities, the customer service capability isn’t on par, according to a press release on the study’s findings. That’s a rhetorical question. Who doesn’t?
Existing Customer Upsell/Cross-sell Upselling and cross-selling to existing customers are proven ways to increase average order or contract size and should be essential components of all sales strategies. Case Study: Outbound Member Engagement & Retention. Outbound Call Center Pricing.
Considering that studies have shown that acquiring a new customer is exponentially more expensive than retaining an existing one, expansion management becomes more important than ever. In the SaaS industry, Customer Success upsell and cross-sell opportunities are commonly incorporated into expansion management. Timing is Everything.
As per a study by Baymard Institute, the average cart abandonment rate is 70 percent in the e-commerce sector. And unsurprisingly the Baymard Institute study finds it the most common reason behind cart abandonment. However, a majority of them abandon their carts and leave the website abruptly! Strange but true!
Several studies and surveys have found various aspects of challenges. The findings of this study will blow your mind. A study revealed that the average successful closing rate of MSP sales staff across the board is 35 percent. This increases the chances of successful upselling and cross-selling.
While not discussed in the roundtable, heres a case study widely seen as a customer journey mapping success: Starbucks Case Study Objective : Starbucks needed to pinpoint areas for enhancing its in-store and digital experiences, so they used customer journey mapping.
An NTT study found that 44 percent of enterprises now operate structured VoC programs to drive CX improvement and innovation. Are you curious about how upsells, cross-sells, promotions and campaigns are impacting customer loyalty? AI gives your voice of the customer programs the edge they need to make measurable change.
From upsell inquiries from sales to feature testing requests from product to the all-consuming customer requests, it is a lot to deal with. to an extended case study or video. Customer Success Managers (CSMs) field requests from every angle every single day. Customer marketing is key.
A study by the Boston Consulting Group showed that companies that followed a data-driven approach to decision making could expect an increase of 20-30% in their earnings. In its data-driven marketing survey in 2015, Gartner reported that companies would migrate towards making their decisions based on quantitative data.
For example, a marketing team might study the social media activity of all website visitors who purchased a specific product to identify the characteristics of visitors who are most likely to buy. This enables more repeat business, more upsell opportunities, referrals and higher revenue. Fill Out the Right Segmentation Buckets.
In the HBR article , we shared the findings from a large study that we ran. In this study, we built a predictive sales model, where we looked at B2C sales performance, specifically in inbound sales conversations. Contact centers are being hit with a lot of pressure in terms of conversions, upsell, cross-sell, and more.
Studies show that customers are happy to spend more when they receive excellent customer service. Because call centers are focused on customer interactions, it’s imperative that business analysts study and examine the interactions between customers and staff to maximize customer service and results.
According to one study, 74 percent of call center reps are at risk for burnout. When the stress of the job starts to take a toll, the position lives up to its reputation as one of the highest turnover fields due to reps burning out rapidly. 30 percent of those individuals are at severe risk of burnout.
Retaining customers is far less expensive than the cost of acquiring new ones and can bring growth in the form of upsells from current customers. Start by demonstrating the value of your product early in the customer journey by offering case studies and testimonials. A Positive Customer Retention Rate Leads to Renewals and Upsells.
If you’re one of the companies that has yet to formalize your onboarding, consider this: 63% of customers in a recent study say that onboarding is an important consideration in whether they make the buying decision in the first place. This score can be customized by providing weights to specific values. Learn more at TeamSuccess.com.
Every customer interaction, whether it’s a conversation with marketing about a case study or a negotiation with a CSM over an expansion opportunity, influences the customer experience. Amazing customer experiences often lead to recommendations and testimonials, which in turn usually mean an account renewal or upsell.
According to the 2024 Customer Success Leadership Study , the number of customer success teams under the CRO jumped from 24% in 2023 to 33% in 2024. Will CSMs struggle to maintain a customer-first mindset and spend all their time on upsells, rather than learning about their big picture goals and helping them navigate the path to get there?
In one study we conducted, fewer than 19% of companies said their salespeople consistently follow an established sales process. Upsell and cross-sell rates – the percentage of existing customers who purchase additional products/services or purchase for more of their locations.
Your company may make these recommendations within a brand app, use chatbots to generate recommendations within messaging apps , or train employees working at physical stores to sharpen their cross-selling and upselling skills. They keep what they buy. The same survey found that once customers make purchases, they tend to keep their items.
Ideally, most objectives are quantitative and aligned to the important KPIs of the business (retention, upsell, cross-sell, NPS, # of case studies, etc.). For both KPIs, I’d focus on revenue – core revenue retention (excluding cross-sell & upsell) and revenue expansion (up-sell and cross-sell).
Upgrades or upselling management. Chatbots can be used as a sales upselling tool to suggest additional services, upgrades and offer upsell promotions to travelers who have already booked a flight. If you want to know more about their chatbot, make sure to check their case study. Create your own airline chatbot.
Our study of 500 consumers and businesses proves it. But the biggest takeaway from our study isn’t a particular statistic—it’s that live chat (when done right) has the power to drive sales and boost customer loyalty. Our study turned up one piece of data that I find the most intriguing.
Retaining customers is far less expensive than the cost of acquiring new ones and can bring growth in the form of upsells from current customers. Start by demonstrating the value of your product early in the customer journey by offering case studies and testimonials. A Positive Customer Retention Rate Leads to Renewals and Upsells.
They can easily recognize when you are investing all your efforts into upselling and cross-selling. Studies showed that it takes 12 positive experiences to make up for one unresolved issue. I will describe these peculiarities of customer relationships through 5 practical steps. Don’t be pushy.
The major KPIs of a Customer Success Manager are: Increase Lifetime Value (LTV) of the customers (by upsells, cross sells etc). Provide references, case studies, customer stories to Sales and Marketing. Case studies and testimonials help build trust among potential clients. Create upsell opportunities. Reduce churn.
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