The Secrets to Increasing Customer Retention and Renewals
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THE SECRETS TO INCREASING CUSTOMER RETENTION & RENEWALS
Transcript of The Secrets to Increasing Customer Retention and Renewals
THE SECRETS TO INCREASING CUSTOMER RETENTION & RENEWALS
HOUSEKEEPING
Tech Check
Twitter: #RetentionSecrets
Ask Questions in the Q&A PanelJoshua Paul
Socious
@Joshua_D_Paul
WHO CARES ABOUT CUSTOMER RETENTION?
CUSTOMER LIFETIME VALUE
• Licensed or subscription-based software
• Services
• Membership
TRANSACTIONAL
• Consumer products
• Apps
• One-time services
• Events and tickets
80% of Future Profits Will Come from 20% of Your Current Customers.
Source: Gartner
THE TYPICAL BUSINESS
Before the Initial Purchase After the Initial Purchase
Spend, Effort, and Interest• Branding• Pricing• Positioning• Marketing• Lead Generation• Converting Leads Into Customers
Revenue Opportunity
Are customers getting expected outcomes?
RESULTS
Can customers get this value anywhere else?
EXCLUSIVITY
Is your message/value getting through?
PENETRATION
Do your customers think that your company cares about them?
PARTNERSHIP
Do your customers know that their issues, priorities, and ideas are being heard?
VOICE
Are your customers engaged with your ecosystem?
COMMUNITY
ONGOING ENGAGEMENT MAKES CUSTOMER
RETENTION POSSIBLE.
THERE ARE CERTAIN THINGS YOU WANT CUSTOMERS TO DO.
Remain a Customer
Use Your Product
Provide Constructive
Feedback
Purchase Add-Ons or
Services
Become an Advocate or Reference
Renew Their
Contract
Upgrade Your
Solution
Attend a Customer
Event
Utilize Specific Support
Resources
THERE ARE CERTAIN THINGS YOU WANT CUSTOMERS TO DO.
HIGHER CUSOMER ENGAGEMENT LEADS TO MORE CUSTOMER DOING WHAT YOU WANT THEM
TO DO AT A LOWER COST.
Training FeedbackConferenceServices
HIGHER ENGAGEMENT = HIGHER CONVERSIONS (AT A LOWER COST)
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Cost With Lower Customer Engagement
Cost With Higher Customer Engagement
Average Engagement
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Cost With Lower Customer Engagement
Cost With Higher Customer Engagement
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Cost With Lower Customer Engagement
Cost With Higher Customer Engagement
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Cost With Lower Customer Engagement
Cost With Higher Customer EngagementAverage
Engagement
Average Engagement
Average Engagement
Increased Engagement
Increased Engagement
Increased Engagement
Increased Engagement
THE ROLE OF CUSTOMER ENGAGEMENT IN CUSTOMER RETENTION
CUSTOMERS ARE MORE…
• Informed about products, services, and support options
• Responsive to messages
• Poised to Take Action
• Understanding of challenges
• Aware of your vision and how your company works
Make Better Decisions With Actionable Data
• Who to contact
• When to contact them
• What to contact them about
ARE CUSTOMERS GETTING RESULTS?
• Where can customers ask questions?
• Do customers have ongoing access to how-to’s, tips, and experts?
• Where can customers find out what other customers have done?
• How do you highlight things customers can do that they might not have known about?
• How to customers find on-demand and live product training?
• How do you identify customers whose expectations are not being met?
1
CAN CUSTOMERS GET THIS VALUE ANYWHERE ELSE?
• Engagement opportunities extend your product offering
• Stand out in your market
• Identify customers who are frustrated
2
IS YOUR MESSAGE/VALUE GETTING THROUGH?
• Maintain engagement by providing consistent value
• Highlight relevant opportunities to engage
• Higher engagement leads to higher conversion rates
3
DO YOUR CUSTOMERS THINK THAT YOUR COMPANY CARES ABOUT THEM?
• Host the discussions that your customers and industry are having
• Show more transparency
• Build trust through consistency
• Monitor and be proactive
• Reach out personally
4
DO YOUR CUSTOMERS KNOW THAT THEIR VOICES ARE BEING HEARD?
• Provide dedicated opportunities for feedback
• Highlight customer ideas
• Identify customers who are not participating in the product development process
5
ARE YOUR CUSTOMERS ENGAGED WITH YOUR ECOSYSTEM?
• Provide access to content and conversations
• Identify customers who are less connected to the ecosystem
6
TAKEAWAYS & NEXT STEPS
COVER YOUR BASES
1
MAINTAIN ONGOING
ENGAGEMENT
2
LEVERAGE YOUR TOOLS AND HIGHER CUSTOMER
ENGAGEMENT
3
