Customer Churn Rate
Customer Churn Rate refers to the percentage of customers who stop using a company’s products or services over a specific period. It is a key metric for businesses, particularly those with subscription-based models or ongoing customer relationships. A high churn rate indicates that a company is losing a significant number of customers, which can be […]
Customer Data Platform (CDP)
A Customer Data Platform (CDP) is a unified software system that collects, integrates, and manages customer data from various sources into a single, comprehensive customer profile. Unlike traditional databases or CRM systems, a CDP is designed to provide a 360-degree view of each customer by consolidating data from disparate channels, including online interactions, purchase history, […]
Customer engagement
Customer Engagement refers to the interactions and experiences a customer has with a brand throughout their journey. This encompasses various touchpoints, such as marketing communications, customer service, and post-purchase follow-up. Effective customer engagement aims to build meaningful relationships, foster loyalty, and create a positive brand perception. It involves actively involving customers in dialogue, understanding their […]
Customer Experience (CX)
Customer Experience (CX) refers to the overall impression and emotional response a customer has during and after their interactions with a company or brand. It encompasses every touchpoint in the customer journey, including pre-purchase research, purchasing process, product or service use, and post-purchase support. CX is shaped by various factors such as the quality of […]
Customer feedback
Customer feedback refers to the information, opinions, and reactions provided by customers regarding their experiences with a product, service, or brand. This feedback can be collected through various channels, such as surveys, reviews, social media, or direct interactions. It serves as a valuable tool for businesses to understand customer satisfaction, identify areas for improvement, and […]
Customer Journey
The customer journey refers to the complete series of interactions and experiences that a customer has with a company or brand, from the initial point of contact through to the post-purchase phase. It encompasses every stage of the customer’s relationship with the brand, including awareness, consideration, purchase, and after-sales service. The goal of mapping the […]
Customer Lifetime Value (CLV)
Customer Lifetime Value (CLV) refers to the total revenue a business expects to earn from a customer throughout the entire duration of their relationship. This metric helps companies estimate the long-term value of acquiring and retaining a customer. It considers factors such as purchase frequency, average transaction value, and customer retention rate. By understanding CLV, […]
Customer Relationship Management (CRM)
Customer Relationship Management (CRM) refers to a strategy and set of technologies used by businesses to manage and analyze interactions with current and potential customers. The goal of CRM is to improve business relationships, streamline processes, and enhance customer satisfaction. By integrating data from various touchpoints—such as sales, customer service, and marketing—CRM systems enable organizations […]
Customer Retention
Customer Retention refers to the ability of a business to keep its existing customers over a period of time, maintaining their loyalty and continued patronage. This concept involves strategies and actions designed to encourage customers to keep purchasing a company’s products or services rather than switching to competitors. High customer retention is often an indicator […]
Customer Segmentation
Customer Segmentation is the process of dividing a broad customer base into smaller, more specific groups, or segments, based on shared characteristics, behaviors, or needs. This method allows businesses to tailor their marketing strategies, products, and services to meet the unique preferences of each segment more effectively. Common criteria for segmentation include demographics (age, gender, […]