Customer Attrition
The loss of customers over a specific period, also known as customer churn. Important for understanding and addressing customer retention issues.
162 topics found for:
“customer focus”
CEM
Customer Experience Management (CEM) is the process of managing and improving the interactions and experiences customers have with a brand across all touchpoints. This process is essential for building strong customer relationships and enhancing brand loyalty.
CX
Customer Experience (CX) is the overall perception and feeling a customer has when interacting with a company, its products, or services. Crucial for ensuring positive interactions with a company, driving loyalty and satisfaction.
RFM
Recency, Frequency, Monetary (RFM) analysis is a marketing technique used to evaluate and segment customers based on their purchasing behavior. Essential for targeting high-value customers and optimizing marketing strategies.
Warm Lead
A potential customer who has shown interest in a product or service and is more likely to become a customer. Crucial for prioritizing sales efforts and increasing conversion rates.
Customer Loyalty
The likelihood that a customer will continue to buy from a particular company or brand over time. Crucial for maintaining a stable customer base and ensuring long-term business success.
Customer Life Cycle
The stages a customer goes through from awareness to purchase and post-purchase activities. Important for designing strategies that optimize customer acquisition, retention, and satisfaction.
Customer Journey
The complete set of experiences that customers go through when interacting with a company, from initial contact to post-purchase. Essential for understanding and optimizing each touchpoint in the customer lifecycle.
Customer Conversion
The process of turning potential customers into paying customers, often measured by the conversion rate. Essential for understanding and optimizing the customer journey.
Customer Empathy
The ability to understand and share the feelings of customers, crucial for creating user-centered designs and experiences. Crucial for designing products that truly meet user needs and expectations.
LTV
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship. Crucial for informing customer acquisition strategies, retention efforts, and overall business planning by providing insights into long-term customer profitability.
CES
Customer Effort Score (CES) is a metric that measures how much effort customers have to put in to interact with a product or service. Crucial for identifying friction points and improving user experience in digital products.
MoT
Moment of Truth (MoT) refers to any instance where a customer interacts with a brand, product, or service in a way that leaves a significant impression. Crucial for identifying key touchpoints in the customer journey and optimizing them to enhance overall user experience and brand perception.
NPS
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction based on their likelihood to recommend a product or service to others. Crucial for gauging overall customer sentiment and predicting business growth through customer advocacy.
CSM
CSM (Customer Success Management) is a business methodology focused on ensuring customers achieve their desired outcomes while using a product or service. Crucial for driving customer retention and satisfaction.
CSAT
CSAT (Customer Satisfaction) measures how products or services provided by a company meet or exceed customer expectations. Essential for understanding customer needs and improving product offerings.
CRM
Customer Relationship Management (CRM) is a strategy for managing an organization's relationships and interactions with current and potential customers. Essential for improving business relationships and driving sales growth.
VOC
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
TTV
Time to Value (TTV) is a metric that measures the time it takes for a customer to realize the value of a product or service after purchase. Crucial for optimizing customer satisfaction and improving business outcomes.
Churn
The rate at which customers stop using a product or service, often used as a metric to measure customer retention. Crucial for understanding customer behavior and improving retention strategies.
Churn Rate
The percentage of customers who stop using a product or service during a specific time period. Essential for understanding customer retention and identifying areas for improvement.
Self Service Portal
A web-based interface that allows customers to find information and perform tasks without needing assistance from a customer service representative. Essential for improving customer experience and reducing support costs.
Relationship Intelligence
The use of data and insights to understand and manage relationships with customers and prospects. Crucial for enhancing customer engagement and building stronger relationships.
Working Backwards
A product development approach where teams start with the desired customer experience and work backwards to determine what needs to be built to achieve that outcome. Essential for ensuring that product development is aligned with customer needs and expectations.
CAC
Customer Acquisition Cost (CAC) is the total cost associated with acquiring a new customer, including marketing and sales expenses. Essential for evaluating the efficiency and effectiveness of marketing strategies.
QFD
Quality Function Deployment (QFD) is a method used to transform customer needs into engineering characteristics for a product or service. Essential for ensuring that customer requirements are systematically incorporated into the design and development process.
Vertical Market
A market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. Important for developing targeted digital products that cater to the unique requirements of specific industries or sectors.
KYC
Know Your Customer (KYC) is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. Essential for preventing fraud, money laundering, and terrorist financing, particularly in financial services, while also ensuring compliance with regulatory requirements and building trust with customers.
Converted Lead
A lead that has successfully become a customer. Crucial for measuring the effectiveness of marketing and sales strategies.
p13n
Numeronym for the word "Personalization" (P + 13 letters + N), tailoring a product, service, or experience to meet the individual preferences, needs, or behaviors of each user. Important for enhancing user satisfaction and engagement.
Target Audience
A specific group of people identified as the intended recipient of an advertisement or message. Essential for tailoring marketing efforts and achieving effective communication.
Customer Delight
The process of exceeding customer expectations to create a positive emotional reaction. Important for building customer loyalty and enhancing brand reputation.
Customer Self-Service
A system that allows customers to access information and perform tasks on their own without the need for assistance from customer service representatives. Important for improving customer experience and reducing support costs.
First Touch
The initial interaction a customer has with a brand. Important for understanding the beginning of the customer journey.
Brand Experience
The totality of all interactions a customer has with a brand, shaping their overall perception and relationship with the brand. Essential for building strong customer relationships and fostering brand loyalty.
Service Design
The practice of planning and organizing people, infrastructure, communication, and material components of a service to improve its quality and the interaction between service providers and customers. Essential for creating effective and user-centered service experiences.
Brand Promise
The commitment a brand makes to its customers about the quality and experience they can expect. Essential for building trust and setting customer expectations.
Product Enablement
The strategies and tools used to ensure that sales, marketing, and customer service teams have the necessary resources to effectively promote and support a product. Essential for aligning internal teams and ensuring successful product adoption and customer satisfaction.
Kano Model
A framework for prioritizing product features based on their impact on customer satisfaction, classifying features into categories such as basic, performance, and delight. Crucial for understanding customer needs and prioritizing features that enhance satisfaction.
MQL
Marketing Qualified Lead (MQL) is a prospective customer who has shown interest in a company's product or service and meets specific criteria indicating a higher likelihood of becoming a customer. Essential for prioritizing leads and optimizing the efficiency of sales and marketing efforts by focusing resources on prospects most likely to convert.
Product-Led Growth
A business strategy where the product itself is the primary driver of customer acquisition, retention, and expansion, often through user experience and engagement. Essential for leveraging the product to drive business growth and achieve market success.
Lean Software Development
An agile methodology focused on delivering value to the customer through principles such as eliminating waste, amplifying learning, and delivering as fast as possible. Crucial for improving efficiency and effectiveness in software development processes.
XP
eXtreme Programming (XP) is an agile software development methodology focused on customer satisfaction and continuous improvement. It enhances software quality and responsiveness to changing requirements through frequent releases of functional software.
UBP
Unique Buying Proposition (UBP) is a statement that highlights the unique benefits and value a product or service offers to customers. Crucial for differentiating a product in the market and attracting customers.
Last Touch
The final interaction a customer has with a brand before making a purchase. Important for understanding which touchpoints drive conversions.
TQM
Total Quality Management (TQM) is a comprehensive management approach focused on continuous improvement in all aspects of an organization. Essential for ensuring high-quality products and services and achieving customer satisfaction.
Opportunity Scoring
A technique used to prioritize product features based on the potential impact on customer satisfaction and business goals. Essential for aligning product development efforts with user needs and business objectives.
Stream-Aligned Team
A team structure focused on delivering value streams, often organized around a specific business capability or customer need. Crucial for enhancing delivery efficiency and aligning with business goals.
Agile Principles
The core principles that underpin agile methodologies, focusing on collaboration, flexibility, and customer satisfaction. Crucial for guiding agile practices and ensuring effective project delivery.
Product Team
A cross-functional team focused on solving customer problems and achieving business outcomes, with a strong emphasis on discovery, experimentation, and continuous improvement. Crucial for creating valuable and innovative products that meet user needs and drive business success through iterative development and close collaboration with stakeholders.
Lead Nurturing
The process of developing relationships with prospects through targeted communications and marketing efforts. Crucial for guiding prospects through the sales funnel and increasing conversion rates.
SAM
Serviceable Addressable Market (SAM) is the portion of the Total Addressable Market that a company can target with its products and services. Essential for focusing marketing and sales efforts on reachable segments.
Demand Generation
The process of creating awareness and demand for a product or service through marketing activities. Crucial for driving interest and engagement in potential customers.
Product Strategy
Product Strategy is a framework that outlines how a product will achieve its business goals and satisfy customer needs. Crucial for guiding product development, prioritizing features, and aligning the team around a clear vision.
Lead Qualification
The process of evaluating and categorizing potential customers based on their likelihood to purchase. Essential for prioritizing sales efforts and improving conversion rates.
User Control
The ability of users to influence the behavior and outcomes of a system or product, allowing them to interact with it according to their preferences. Essential for creating user-friendly interfaces that allow for flexibility and customization.
Lead Generation
The process of attracting and converting strangers and prospects into someone who has indicated interest in your company's product or service. Essential for building a sales pipeline and driving business growth.
Product Differentiation
The process of distinguishing a product from its competitors through unique features, benefits, or branding to attract and retain customers. Crucial for creating a competitive advantage and capturing market share.
Founder’s Mentality
A mindset and approach that embodies the entrepreneurial spirit, passion for improvement, and deep sense of ownership typically associated with a company's founders. Essential for maintaining agility, innovation, and customer-centricity as organizations grow and mature.
MRD
Market Requirements Document (MRD) is a comprehensive document that outlines the market's needs, target audience, and business objectives for a product. It serves as a crucial tool for aligning product development efforts with market demands and business goals, ensuring that the final product meets customer needs and achieves market success.