Customer Retention’s Post

The look on your face after telling your boss that Customer Success needs to ditch NRR because LinkedIn said so, and they respond with a diplomatic way of saying "What the heck are you thinking?". In the past two weeks, I've had multiple conversations with CS professionals following misguided advice that NRR doesn't matter, and CS shouldn't be measured on it. One conversation happened too late, and the individual already presented to their C-suite boss that they should stop being measured on and tracking NRR. It did not go well. I've seen many LinkedIn posts discussing how CS shouldn't be measured on NRR. Part of the logic is that so many factors impact NRR, which is correct but think about it this way. How would you expect a CEO, CRO, etc to respond if the sales leader said: "I don't think we should be measured on or track ARR as a sales team because we don't have total control over all factors that influence ARR like product and marketing." It would go over like a lead balloon. Running a successful business is a team sport. No one team has total control over these outcomes, but someone has to own them, and they do need to be tracked. I think one popular post on NRR may have been misinterpreted. I believe the post was more so making the point that NRR isn't the only metric that matters to CS and to the business. Other metrics, such as GRR and the underlying metrics that drive these outcomes, matter, which they do. They all matter. But I am not here to tell you what to choose as the top metrics your CS or AM team should be measured on. I am going to try to help people HOW to think about it. Here's how I approach it IRL: ♦ Review your company's top goals and priorities. ♦ Work with your leader and finance on how that informs your departmental goals. If you don't have departmental KPIs that tie back to business goals, advocate to put them in place. This will help keep everyone focused on moving in the same direction and reduce some friction. ♦ Identify the activities and behaviors needed to drive these results. ♦ Determine which teams and roles are best suited to 'own' specific activities and be accountable for specific outcomes that will ultimately help their department and company as a whole achieve their goals. This requires cross-team collaboration. ♦ This will inform the appropriate KPIs and outcomes department leads, managers, and frontline team members should be measured and compensated on. ♦ As a CS leader, always always track and measure NRR and GRR regardless of comp. These are important results to measure for any SaaS company. ♦ Track and measure the underlying churn results like revenue and logo churn as well as outcomes from activities to help spot any issues or opportunities. The problem with just tracking NRR is that you won't catch underlying churn issues because large expansion deals can mask a churn issue with NRR. But both are still important. #customersuccess #sales #gotomarket

📊 Did you know? It costs 7-9x more to acquire new customers than retain existing ones. I can't stress enough how crucial retention is for your career growth and your company's bottom line. Let's dive into mastering retention! Why is it so important? 💡Retention is the new growth engine: In today's competitive landscape, keeping customers happy isn't just nice-to-have, it's essential for survival. 💡The power of small improvements: Even a 5% increase in retention can boost profits by 25-95%! (Bain & Company) 💡Happy customers = Brand advocates: Satisfied customers are 5x more likely to repurchase and 4x more likely to refer others. Here's my 7-Step approach that you can start working on TODAY to level up your retention game: ✅ Proactive Engagement - Don't wait for customers to reach out with problems ⚆ Implement regular check-ins (e.g., monthly or quarterly) ⚆ Use these touchpoints to understand customer goals and challenges ⚆ Offer solutions before issues escalate ✅ Personalized Customer Journey - Tailor your approach to each customer's unique needs. ⚆ Develop customer personas ⚆ Create customized onboarding and training plans ⚆ Use data to inform personalized recommendations ✅ Value Realization - Help customers see the tangible benefits of your product/service. ⚆ Establish clear success metrics with each customer ⚆ Regularly track and report on these metrics ⚆ Celebrate wins and milestones ✅ Continuous Education - Keep customers informed about new features and best practices. ⚆ Develop a knowledge base or learning center ⚆ Host webinars or user groups ⚆ Send regular product update emails with use cases ✅ Feedback Loop - Actively seek and act on customer feedback. ⚆ Implement regular NPS or CSAT surveys ⚆ Create a customer advisory board ⚆ Share feedback with product teams and show customers how their input shapes the product ✅ Strategic Upselling and Cross-selling - Identify genuine opportunities to add value through additional products/services. ⚆ Analyze usage patterns to spot expansion opportunities ⚆ Align additional offerings with customer goals ⚆ Present upgrades as solutions to customer challenges ✅ Crisis Management Plan - Be prepared to handle issues quickly and effectively. ⚆ Develop a clear escalation process ⚆ Create templates for crisis communication ⚆ Train your team on rapid response protocols Improving customer retention is an ongoing process. It requires consistent effort, a deep understanding of your customers, and a willingness to adapt your strategies based on feedback and results. What's your go-to retention strategy that's worked wonders for you? Share in the comments 👇

Key to Cultivating Deeper Customer Relationships 🤝 Hey there! Today, we're diving into the heart of what it takes to cultivate those meaningful customer relationships 🪄🌟 This one is my all-time favorite topic and why I love Customer Success. 🤝Why Personalization Matters: Imagine walking into your favorite local cafe, and the barista knows your order before you even say a word. That's the kind of magic we're talking about!  In Customer Success, personalization isn't just about knowing your customer's name; it's about creating a tailored, meaningful, and memorable experience for each customer by understanding their unique needs, preferences, and goals. 📈 Companies that provide an emotional connection with customers outperform the sales growth of their competitors by 85% 📈 Companies with a customer experience mindset drive revenue 4-8% higher than the rest of their industries 📈 80% of customers say the experience a company provides is as important as its products and services 🤝Humanizing, Not Sales-ifying: Let's clarify: Customers aren't just numbers on a spreadsheet or checkboxes on a to-do list. It's about recognizing that there's a real person with unique needs, dreams, and challenges behind every support ticket, email, and interaction. Treating them as anything less is a disservice. It's about connecting on a human level, not just chasing a sales quota. 🤝Why Customer-Centricity Rocks: Putting your customers at the heart of everything you do turns normal interactions into extraordinary relationships, resulting in long-term success for you and your customers. It's not just problem-solving; it's making a smoother, more enjoyable, and more rewarding customer journey. 🪄Becoming a Customer-Centric Wizard: 1️⃣ Create Emotional Connections: People remember how you make them feel. By humanizing your interactions, you create emotional connections. These connections go beyond a transactional relationship; they foster loyalty and advocacy. 2️⃣ Empathy and Understanding: Humanizing customers enables you to tap into the power of empathy. When you understand their aspirations and challenges, you're better equipped to offer solutions that address their needs. 3️⃣ Long-Term Retention: Customers who feel understood and valued are more likely to stay with your product or service. They don't just see you as a vendor but as a partner on their journey to success.  4️⃣ Continuous Improvement: When you see customers as real people, you're more inclined to gather feedback, and they are more willing to provide it. You're not just interested in meeting their current needs; you're committed to helping them grow and evolve. How do you weave personalization into your customer success journey? #CustomerSuccess #CustomerCentricWizardry #CustomerSuccess #TriumphantTuesdays #RelationshipBuilding #CustomerCentric #CSM

I recently read a great book called "Stories That Stick" by Kendra Hall. It talked about how personal stories can be a powerful tool in building relationships in any business role. I definitely feel how those stories make a difference in a Customer Success Role. Here are a few things I've experienced while telling my stories to customers: 1.   Relatability: Sharing personal stories creates common ground and relatability with your customers. When customers see that you have faced similar challenges or situations, they are more likely to feel understood and valued. This helps establish a connection and builds trust. 2.   Empathy: Personal stories can evoke empathy by showing that you genuinely care about your customers' experiences. When you share your own struggles and successes, it demonstrates that you're not just a representative of the company but also a fellow human being who understands their emotions and concerns. 3.   Problem-Solving: Sometimes, personal stories can illustrate how you overcame challenges, which can then serve as real-world examples of problem-solving. This can be inspiring for your customers and provide them with insights on how to tackle their own issues. 4.   Demonstrating Expertise: Sharing stories about how you've helped other customers navigate similar situations can showcase your expertise. It's a way to subtly highlight your track record of success without sounding boastful. 5.   Breaking Down Barriers: Customer relationships often start off as formal interactions. Sharing personal stories can help break down barriers, turning the relationship into a more genuine and friendly connection. 6.   Retention and Loyalty: Building a personal connection can lead to increased customer retention and loyalty. When customers feel a personal bond with you, they are more likely to stick with your company even in challenging times. 7.   Cultural Alignment: Sharing stories that resonate with your company's values and culture can reinforce the customer's alignment with your brand. It demonstrates that you both share common values and goals. 8.   Tailored Solutions: Personal stories can also help you understand your customers better. As they share their own experiences, you can identify ways to tailor your solutions to their unique needs. If you haven't read the book I mentioned at the top, I recommend it!

Happy Tuesday! As a Retention Team Lead, it's great to see your passion for building and nurturing long-lasting relationships with clients. Retention is indeed a crucial aspect of any business, and it's wonderful that you strive to enhance customer relationships rather than just preserving them. To maintain and grow customer relationships, here are some strategies you can consider: 1. Personalization: Tailor your interactions and communications to meet the specific needs and preferences of each customer. This includes addressing them by name, understanding their pain points, and providing personalized solutions. 1. Active Listening: Actively listen to your customers and show genuine interest in their feedback, concerns, and suggestions. This demonstrates that their opinions matter and helps you better understand their needs. 1. Regular Communication: Maintain regular and proactive communication with your customers. Keep them informed about updates, new features, and improvements to your products or services. Regular check-ins can also help you identify any challenges they may be facing. 1. Customer Feedback: Encourage customers to provide feedback through surveys, feedback forms, or direct conversations. Use this feedback to improve your offerings and address any issues promptly. 1. Value-Added Content: Share relevant and valuable content with your customers. This can be in the form of blog articles, newsletters, case studies, or industry insights. Providing educational resources shows your commitment to their success and helps build trust. 1. Relationship Building: Go beyond transactional interactions and focus on building genuine relationships. Take the time to understand your customers' businesses and industry challenges, and offer support and guidance beyond your core product or service. 1. Proactive Problem-Solving: Anticipate potential issues and proactively address them before they become major problems. This demonstrates your dedication to customer success and helps build trust and loyalty. 1. Rewards and Loyalty Programs: Implement loyalty programs or rewards systems to incentivize repeat business and reward customer loyalty. This can include discounts, exclusive offers, or special benefits for long-term customers. Remember, each customer is unique, so it's important to tailor your strategies based on their specific needs and preferences. By consistently delivering value and demonstrating your commitment to their success, you can maintain and grow strong customer relationships. #CustomerRetention #TeamLead #CustomerExperience

As a customer success leader or for the customer success leaders in your organization, building lifelong customers is the key to ensuring success and sustained growth for your organization. Lifelong customers not only provide a steady revenue stream but can become powerful brand advocates, driving word-of-mouth referrals and attracting new clients. By working together to prioritize the long-term success and satisfaction of your customers, you can cultivate strong, trust-based relationships that go beyond mere transactions. Your loyal patrons are more likely to explore new offerings, provide invaluable feedback, and stay committed during challenging times. To help prioritize building lifelong customers, we’ve put together these 5 strategies and tactics to get you started. Check it out: https://lnkd.in/gGMDsRwE #B2BMarketing #CustomerLedGrowth #CustomerLoyalty

Effective customer retention strategies are crucial for sustained business growth. We at Expert Circle consulted experts about their top 3 customer retention strategies that can transform clients into loyal supporters. In this collaborative article, we have compiled insights from four prominent industry experts who generously share their top three customer retention strategies that they rely on for success. We've gathered insights from four prominent industry experts, including Louise Abbey, Marketing Director at Eve Networks; Olesija Saue, Personal Branding Strategist at Maximizer Agency; Dave Davies, Director at Sandler; and Erwin Wils, Mindset and Business Coach at Millionaire Life Strategy. By delving into their expertise, our aim is to provide you with a comprehensive understanding of how you can enhance and optimize your own customer retention strategies. Read the full article here: https://zurl.co/dwhE

If you’re looking to improve your customer retention, follow these steps: 𝗦𝘁𝗲𝗽 𝟭: 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗮𝘁 𝗦𝗰𝗮𝗹𝗲 1. Use data to understand your customers’ preferences 2. Tailor emails and product recommendations 3. Make every interaction meaningful To retain customers → personalize their experience. 𝗦𝘁𝗲𝗽 𝟮: 𝗟𝗼𝘆𝗮𝗹𝘁𝘆 𝗣𝗿𝗼𝗴𝗿𝗮𝗺𝘀 1. Go beyond the standard points system 2. Create exclusive experiences and early access 3. Offer unique rewards that make customers feel valued Loyalty is earned, not given. Make your programs exceptional. 𝗦𝘁𝗲𝗽 𝟯: 𝗘𝗻𝗴𝗮𝗴𝗲 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 1. Build a community around your brand 2. Host events and create online forums 3. Launch social media groups to connect with customers. Engagement fosters loyalty. Cultivate a vibrant community. 𝗦𝘁𝗲𝗽 𝟰: 𝗣𝗿𝗼𝗮𝗰𝘁𝗶𝘃𝗲 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 1. Anticipate issues before they arise 2. Implement AI-driven support systems 3. Reach out proactively to address potential problems Being proactive shows you care. It keeps customers happy. 𝗦𝘁𝗲𝗽 𝟱: 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗖𝗼𝗻𝘁𝗲𝗻𝘁 1. Keep customers informed with valuable content 2. Offer webinars, tutorials, and how-to guides 3. Help them get the most out of your products or services Educated customers are loyal customers. Share your knowledge. 𝗦𝘁𝗲𝗽 𝟲: 𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸 𝗟𝗼𝗼𝗽𝘀 1. Make it easy for customers to share their thoughts 2. Use surveys, reviews, and direct feedback 3. Show customers that their opinions matter Feedback is a gift. Use it to improve and build trust. 𝗦𝘁𝗲𝗽 𝟳: 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻 1. Stay in touch through regular updates and check-ins 2. Send newsletters, personalized thank you notes, or simple “how are you?” messages 3. Maintain communication to keep relationships strong Consistency is key. Keep the conversation going. The best time to focus on customer retention? Yesterday. The next best time? Today.

The Most Underestimated Customer Retention Strategy Building Genuine Relationships. In a world where business often hinges on metrics and data, it's easy to overlook the human element. But the most effective customer retention strategy? It's building genuine relationships. Shower your clients with care, not as a transactional process but as a human interaction. Show them you understand their needs. As a bonus, you'll gain insights into their behavior, preferences, and potential areas for growth! Remember, clients are not just numbers, they are individuals. Businesses thrive when they make customers feel valued and appreciated. So, prioritize relationships over transactions. You'll not only retain customers but also create loyal brand advocates. The power of genuine relationships in business is not to be underestimated! _ _ _ _ 📩 Ready to transform your email campaigns into powerful growth tools? Book a free discovery call > > https://lnkd.in/d8xQ-YAc

🔹 Small Business Customer Relationship Development and Engagement 🔹 🔸Creating meaningful connections with customers is the cornerstone of any successful small business. But how do you stand out in a competitive marketplace and build strong, lasting relationships?🔸 Here are 5 key strategies to develop and engage your customer base: 1️⃣ Personalize your approach: Gone are the days of generic mass marketing. Customers crave personalization and want to feel seen and understood. Tailor your messaging, offers, and interactions to their specific needs and preferences. Show them that you genuinely care. 2️⃣ Active listening: The best way to build strong relationships is to listen. Take the time to truly understand your customers' challenges, desires, and pain points. By actively listening, you'll gain insights that can help you offer tailored solutions and exceed their expectations. 3️⃣ Consistent communication: Stay top of mind by maintaining regular communication with your customers. Keep them informed about new products, promotions, and relevant industry news. Leverage different channels, such as email newsletters, social media posts, and blog articles, to reach them effectively. 4️⃣ Deliver exceptional customer service: Providing excellent service is crucial to nurture customer loyalty. Whether it's resolving issues promptly or going the extra mile to surprise and delight, aim to exceed expectations in every interaction. Happy customers become brand advocates. 5️⃣ Collect and act on feedback: Make it easy for customers to share their feedback and opinions. Regularly gather insights through surveys, reviews, and social media interactions. Use these insights to improve your offerings and show customers that their opinions matter. By incorporating these strategies into your customer relationship development and engagement efforts, you'll build stronger connections with your audience and cultivate loyal customers who will support your business for years to come. 👉 How are you currently developing and engaging your customer base? Share your thoughts and experiences in the comments below! 👈 #CustomerRelationships #CustomerEngagement #SmallBusinessSuccess #BusinessGrowth