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We've gathered the top customer loyalty terms you need to know. Start understanding customer loyalty here, and continue with our Customer Loyalty Learning Guide to help you attract and retain customers.
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Table of Contents Top five customer loyalty buzzwords
1. Churn rate
2. Customer lifecycle
3. Customer service and support
4. One-to-one marketing
5. Customer service chat
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Top five customer loyalty buzzwords
Churn rate is an important business metric that companies can use to find out how many customers they have lost over a period of time. The churn rate can be used to discover customer responses to changes in service or pricing or find out the average length of time a customer stays with a company. SearchCRM.com's expert Michael Lowenstein explains why avoiding churn is marketing's "Holy Grail."
Customer lifecycle is used to describe the progression of steps a customer goes through when considering, purchasing, using, and maintaining loyalty to a product or service. The customer lifecycle can be depicted by an ellipse, representing the cyclical nature of customer retention and showing that the goal of effective CRM is to get the customer to move through the cycle again and again. Lowenstein explains why measuring customer churn can help calculate a customer's lifetime value.
Customer service and support is the part of a company's CRM department that interacts with a customer for their immediate benefit, including components such as the call center, the help desk and the call management system. The Self Service Learning Guide offers a look at the latest trend in customer service and support.
One-to-one marketing (sometimes expressed as 1:1 marketing) is a strategy that emphasizes personalized interactions with customers. The personalization of interactions is thought to foster greater customer loyalty and better return on marketing investment. Find out more about marketing with this expert answer on relationship marketing vs. transactional marketing. And, find out about a company that has made marketers out of its customers.
Customer service chat
is an emerging call center service that allows the user to communicate in real time with a customer service agent through an instant messaging application that's built into the company's Web site. One telecom giant, Sprint, has created some best text chat practices and plans to expand chat capabilities.
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