Customer retention is an essential business discipline that is widely under appreciated. We explain why it deserves your attention and show you how leading companies successfully retain more customers.
Research across a wide range of industries suggests that small improvements in customer retention can yield massive improvements in operating profit. These dynamics are even more consequential in the era of subscription businesses. Consequently, leading companies invest significant time and effort in pre-framing the customer experience. They also heighten the emotional experience at purchase to reinforce their customers’ choices. Knowledge Test
Smart companies take steps to minimize buyer’s remorse while orders are being fulfilled. They remove any potential barriers that can create negative first impressions. They also outline who’s who in their organizations and what they will be doing to support the customer. They explain what is happening now, what will happen next, why this step is necessary and how it contributes to the overall goal. Knowledge Test
Smart companies celebrate customer success because it presents natural opportunities to extend existing contracts and secure new ones. Customers who welcome your product or service into their routine become emotionally open to expanding their use of your offerings. Smart companies offer these customers new reasons expand their relationships. They also focus on securing reviews and facilitating referrals from their loyal advocates. Knowledge Test