Closing Deals and Gaining Customers is One Thing; Keeping Them is Another! And a Key to Sustained Revenue Growth.
Luckily every program we offer you includes an assessment and a recommendation on retention.
Business growth is often focused on customer acquisition. What about having a robust customer retention strategy? For an optimal revenue growth program, it becomes even more important to not only track performance of new customer acquisition, but also how you’re keeping the customers you already have.
There could many reasons that cause high churn rates, and most of these reasons are based on poor customer success levels or customer service. Perhaps a customer feels dissatisfied and believes you're providing inadequate or minimal service that doesn't meet his or her needs. This means your service could be better focused. Our goal is to put strategies together to reduce negative feedback. Our goal is to work with you to expose any kind of company weakness and look for ways to solve them to limit loss of customers.
Customer retention is one of the most crucial elements of growth strategy. Even if you’re a SaaS company of which your model gives you profitability over time, if your users churn before completing enough payment cycles to break even on the acquisition costs, all your growth strategies will be ineffective.
Customer retention, for B2B or eCommerce means getting your customer to stay and engage with your product long enough till it becomes a habit/ part of their daily lives. As they become long-term users, it will give you more opportunities to upsell, increasing their LTV (lifetime value). Additionally long-term customers are also more likely to become promoters/influencers of your product, bringing in more users via word-of-mouth referrals.
We at Your Revenue Growth Team will include retention strategies as needed. We’ll cover elements such as:
- Onboarding process
- Current customer content (i.e. tips, updates, surveys)
- Upsell/cross-sell opportunities to add value
- Complaint management
- Customer feedback plan (chat, phone, email. Social)
- Customer loyalty & rewards
- Ongoing education/newsletters
- Exit survey and analysis
There's no reason that your firm should not have a plan that focuses on decreasing churn and building a better customer experience. Invest in building a sustainable strategy for retaining the customers you have and you’ll find your growth efforts paying dividends in the long-term.