Jonathan Roitman’s Post

How do you define and detect churn in cases that aren't as clear-cut as a customer canceling a subscription? Guillaume COLLEY shares a detailed overview using the examples of retail and banking.

Do you know customer loyalty is key to retaining customers? Explore top-notch customer retention strategies that redefine loyalty and trust.  #BankingInnovation #CustomerRetention https://lnkd.in/grKi-Ub4

Did you know? It can cost up to 7 times more to acquire a new bank customer than it does to keep current customers engaged. Not only is retaining more cost effective, it seriously impacts profitability too. Boosting retention by just 5% can increase profitability by 25% or more.   In our current ultra-competitive financial services landscape, many stakeholders are left wondering: is our bank using the right metrics for customer retention?   This article in The Financial Brand explores this issue and offers tips for gaining a more comprehensive view of customer loyalty and retention as it stands today.   Check it out: https://lnkd.in/gzhGSphN   #CustomerRetention #CLV #BankMarketing

Customer Attrition: How to Define Churn When Customers Do Not Tell They’re Leaving The author details two examples of defining customer churn in contexts where it is not explicit: Retail and Banking.

Managing detractors in the financial sector is a major challenge, but also a growth opportunity! Why is it more complex in financial services? Here are 2 out of 4 reasons 👇 1. Because of less churn but... more passive detractors Unlike other sectors where dissatisfied customers simply unsubscribe, in financial services, they often stay but reduce their activity, such as stopping using certain banking services. 2. Intense digital competition The rise of customer-focused competitors underscores the importance of detractor management. These new players challenge traditional banks by emphasizing the customer experience, making it essential to retain existing customers. Want to discover the other two reasons? Consult our article : https://hubs.la/Q02wVydH0

Digital has made it very easy for consumers to change with a few quick clicks. Check out these digital marketing tips to boost your customer retention.

New Strategies for Customer Loyalty in a Changed Market Environment. Read the full blog: https://lnkd.in/d9_RUv8i #fintech #finance #FinancialIT #customer #banking #finserv

The customer experience is the foundation of success for a company. It also aids in client retention, which for the finance industry is a huge factor. It is best to ask yourself, as a company, if you are actually meeting clients needs and wants, or if you just assume you are. Company awareness is important in finding solutions to clients' problems. #CustomerExperience #CustomerSatisfaction #ClientExperience

🌐 Unlocking Opportunities: Empowering Customers with Access to Credit! 💳 👋 Let's talk about a game-changing strategy in business – offering access to credit. 🚀 In today's dynamic market, providing your customers with the flexibility of credit can be a win-win. Here's how it not only boosts sales but becomes a powerful tool for customer retention: 1️⃣ Enhanced Purchasing Power: Offering credit allows customers to make purchases beyond their immediate budget. This increased purchasing power can lead to larger transactions and more frequent engagement with your products or services. 2️⃣ Building Trust and Loyalty: Providing access to credit demonstrates trust in your customers. It's a vote of confidence in their ability to manage their finances. This trust, in turn, fosters loyalty, as customers are more likely to return to a business that believes in their financial responsibility. 3️⃣ Strengthening Customer Relationships: Credit marketplaces provide an ongoing relationship with customers. Regular interactions, updates on credit usage, and personalised offers create a continuous connection, making customers feel valued and understood. 4️⃣ Convenience and Flexibility: Today's consumers value convenience. Credit options offer flexibility in payment, making it easier for customers to manage their finances. This convenience factor is a significant contributor to customer satisfaction and retention. 5️⃣ Data-Driven Insights: Credit programs generate valuable data on customer spending habits. Utilising this data enables businesses to tailor their offerings, providing a personalised experience that resonates with individual customer preferences. 🌟 Success Stories Wanted! Have you implemented a credit marketplace in your business? Have you spoken to Monevo about how to make this possible? (If not feel free to reach out to me today) Share your success stories or insights on how it has impacted customer retention. Let's discuss innovative ways to empower customers while fostering long-term relationships. 💬💳 #CreditInBusiness #CustomerRetention #EmpowerYourCustomers #BusinessStrategy #partnerships #consumercredit

Banking customers have shown they are not afraid to jump around from bank to bank. You can improve your customer experience strategy to increase your odds of retaining a customer long-term. This Tuesday, consider these top 3 digital marketing tips, courtesy of the Bridgeforce marketing team, to help bankers retain more customers. What are your top 3 customer retention tips? Let us know in the comments. #RealExperience #RealResults #Marketing #Banking