Company
Date Published
Author
Lauren Cassidy
Word count
1039
Language
English
Hacker News points
None

Summary

Customer retention has become increasingly important to businesses as they navigate rising consumer expectations and reduced headcounts. Shifting focus to customer retention can be twice as powerful as customer acquisition, with a 1% decrease in churn boosting the bottom line by 7%. Great customer support is critical to this effort, with 32% of consumers citing bad customer service as the main reason for discontinuing business. A great support strategy can reduce churn, improve customer lifetime value, and boost the bottom line. To drive retention from customer support, businesses should focus on four key areas: leveraging customer data to personalize interactions, automating and self-serving support for speedy resolutions, meeting customers in the right place and time, and improving team efficiency. By reinforcing their customer support strategy with these elements, businesses can reduce friction, increase satisfaction, and continuously generate revenue without burning out their team or investing in extra headcount.