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Customer Retention is about doing whatever is takes to keep customers paying you year after year and being satisfied with your service. CRR or Customer Retention Rate refers to the average amount of time clients pay for a subscription using your service.
Most companies focus their revenue growth efforts on generating new leads and often miss out on revenue by not doing what it takes to increase the average customer lifetime value. Taking excellent care of your clients and giving them a great experience is a sure way to increase retention and revenue.
What do companies experience from being your customer? A company needs to know their clients and understand exactly what’s going on in their mind at each stage of the customer life cycle. Only then can a company customize and optimize the experience they want their customers to perceive.
Once you have converted a lead into a client, you must make sure you keep them happy and increase your customer lifetime value. Marketers can provide attention to this in various ways;
No matter what problem your business solves, customer-focused marketing should be part of your growth strategy.
By focusing your efforts on the bullets above, you will not just increase retention rates, but also start noticing your customers referring new clients. Because companies that refer new clients aren’t on your payroll, social selling has become one of the most efficient strategies to generate new clients. Companies are 90% more likely to buy from you if someone they know has recommended your services. Advocates to your business are essential for getting “free” referrals.
By performing a complete status analysis of your customer lifecycle I can identify areas of possibilities as well as design a customer retention strategy. Necessary steps to get started:
Once agreed upon what retention strategy to execute upon, it’s time to launch the retention programs. I document every step I take and let you know when programs go live. Included in the execution phase, as a few examples, are the following;
Improved customer retention lowers your churn rate, it’s therefore very transparent and easy to see the effect of customer focused marketing initiatives to improve customer retention. As mentioned, there are various ways to make customers happy and they can all be tracked and improved upon for maximum efficiency.