It costs five times more to attract a new customer then to keep an existing one, yet only less than a third of executives say retaining customers is a priority. Companies that employ effective strategies to retain their customers reap consider financial benefits, and 72% of customers are willing to pay 2% more for exceptional customer experience.
Businesses that focus on minimizing customer churn and improving customer loyalty often focus on the contact center, especially by improving inbound customer experiences. However, few companies have developed outbound engagement strategies that drive customer loyalty, and these types of initiatives are excellent opportunities for organizations to differentiate from the competition.