How can businesses leverage technology to proactively improve customer satisfaction and retention rates, and what key metrics should they monitor to measure the effectiveness of these efforts?

Businesses can leverage technology by implementing customer relationship management (CRM) systems to track customer interactions and preferences, allowing for personalized communication and targeted marketing. They can also utilize data analytics to gain insights into customer behavior and trends, enabling them to anticipate needs and provide proactive solutions. Key metrics to monitor include Net Promoter Score (NPS) to measure customer satisfaction, customer retention rate to track loyalty, and customer lifetime value to assess the overall profitability of retaining customers. By continuously analyzing these metrics, businesses can adjust their strategies to ensure they are effectively improving customer satisfaction and retention rates.