Customer retention is the name of the game in today's competitive landscape. With the ever-increasing difficulty of acquiring new customers, brands are shifting their focus towards keeping their existing customers engaged and coming back for more. We continually see an untapped opportunity in this shift, and it's all about collaboration.
In a blog post I recently wrote for Wonderment, I discuss the benefit of merging the efforts of marketing and customer service (CS) teams to prioritize customer retention, and how Wonderment can help. While marketing traditionally concentrates on attracting new customers, CS teams are in direct contact with the existing ones. They hold the key to understanding what drives customer satisfaction and what improvements can be made.
The numbers don't lie: retaining customers is not only cost-effective but also more profitable. It costs significantly less to retain an existing customer, and they are more likely to try new products and spend more. That's where the magic happens when marketing and CS teams join forces.
Click here to read "How to Bridge the Gap between Marketing & CX teams to Increase Customer Retention" on the Wonderment Blog.
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This post originally appeared in Edition No. 163 of my newsletter. Subscribe here.
Monday, October 23, 2023
