Customer retention is an important part of the overall marketing focus. Discover the trends that are driving that focus for today’s most successful businesses.
Companies are increasingly dialing up their efforts to drive customer retention. From a simple focus on customer satisfaction to sophisticated technology and frameworks, today’s customer experience (CX) focus has led to a revolution in the ways we approach retention. If you’re looking for the latest strategies, trends, and ideas to help you forge deeper connections and reduce churn, here are some to consider.
Invest in Strong Relationships through Onboarding
A customer who went through a carefully managed sales process comes into a relationship with high expectations. But all too often, the trust built during sales begins to erode during the earliest days of the customer relationship. Companies are changing that trend by turning a spotlight on effective onboarding. Whether you’ve dedicated customer success efforts to training managers to ensure transitions to new products are seamless or you’re investing in upgrading documentation in customer support, improving onboarding is a critical step in fostering successful customer relationships.
Use Data to Identify At-Risk Customers
With the advent of new artificial intelligence and machine learning tools, it’s becoming easier to identify at-risk customers. By monitoring for events such as a spike in customer service contacts, customer retention programs can help find the customers who need at-risk management. Often, when intelligence is brought together from multiple touch points across the company, it is much easier to identify a relationship in crisis.
Systematically Road Map Your CX Improvements
As the CX has rocketed to the forefront of today’s marketing efforts, brands of all sizes are increasingly investing in this area. One approach many companies are taking is to focus on the CX improvements that will impact their current customers’ satisfaction. The CX isn’t just about reaching an ideal state for future customers—it’s critical to understand what’s not working and tie your investment road map to the areas that will generate the most results.
Create Data Strategies to Measure Satisfaction Over Time
The explosion of data that businesses have access to is providing a window into customer satisfaction, and companies that are prioritizing customer satisfaction are creating strategies that can help them measure changes in customer satisfaction rates over time. For example, using a system such as the Net Promoter Score enables you to establish a baseline and then measure for trends in improvement or decline in satisfaction rates over time. Other methodologies allow you to dig into specific subsets of the CX to understand what’s working and what’s not.
Customer retention should be the cornerstone of your marketing agenda. By retaining a strong base of customers and reducing churn, you not only secure a stable financial future but also solidify your reputation as a strong player in your space.