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

[email protected]

@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

QUESTIONS?WE’RE HAPPY TO HELP!

[email protected]

@SociousSoftware

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