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CX Tribe: 2 March 2021

I’m always looking for good CX case studies, statistics, events and best practices. If you come across any please drop me a link and let me know.

Enough introduction … here is this week’s edition:

[Research] 

Triggering Customer Indebtedness: Expensive vs. Personalised gifts (Full paper: Page 333 )

Businesses have long given gifts to customers to trigger the reciprocity response and lift sales and retention.

This research tested the effectiveness of gift value and personalisation in a retail setting. 

The analysis showed personalised gifts trigger a stronger response. It’s not clear why but, potentially, the abstract nature of the value of personalisation drives people to value it highly.

Application: when scoping customer gifts, lean towards personalised gifts, e.g. engraved initials, over more expensive gifts.

[(Easy) Statistics] 

A Simple Way to Predict Customer Churn in B2B SaaS (Link)

Any company in the “recurrent revenue” business wants, needs, a way to understand when usage is changing because usage change often means customer loss is around the corner.

Unfortunately, developing algorithms to identify usage change is difficult. Splitting regular irregularity from irregular irregularity seems easy, but it isn’t.

However, this post provides a relatively simple statistical technique (median absolute deviation or MAD), akin to standard deviation, and turns it into a predictive test that can be applied to a large variety of SaaS customer attrition prediction tasks.

[Best Practices]

Reflections on winning 4 CX measurement and management awards (Link)

Great article by Ivaylo Yorgov from GemSeek covering the key elements of how they managed to create a CX ecosystem that resulted in four European CX Awards.

[Best Practices] 

Participative Relationship: Co-Create the Experience with Customers (Link)

Useful article by Annette Franz on co-Creation with your customers. A nice list of tools and approaches, along with links to practical examples.

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