As we all saw this past year, things can change and change quickly. Customer Satisfaction metrics can be an early warning system of the health of our business. Before you see it in the other metrics like churn, retention, customer lifetime value.
When a product is new and innovative, there are things customers live with because gains outweigh pains. But is there a future retention risk?
It happens. Buggy software. Late delivery. Escalations. Sometimes we disappoint customers. It happens. But then how do you protect and grow the account in these situations? How do you start a turn-around? There are strategies that can help.
Let’s step back and look at some common touchpoints – Acquisition, Onboarding, Adoption, Retention, Advocacy, and Growth. Each of them can spawn a separate post or series of posts in itself, for now let’s just look at them from a high level.
If you run any type of repeat or subscriber business, where you have an existing contract or agreed price, then your deals and marketing efforts to acquire new customers, can sometimes be perceived as negative marketing to existing customers if they aren’t offered any deals at all. Especially, if they are not happy or at risk of churn.
how do we know if our Customers are realizing these benefits? Do our Customers know they are achieving these benefits? And more importantly – do our Customers agree that these are the key benefits they want from our offering? To answer these questions we need to make the Value Proposition more than just a marketing statement. We need to make it a living breathing part of the business.
When analyzing usage statistics for information to help with retention, I believe you need to look at usage by segment. Identify your Super Users as outliers – and segment them accordingly. You do want to keep them – they help you innovate, but look at them separately so that their behavior doesn’t impact thinking about the other segment of users. Then look at what the majority of the people are doing on the system. Try to make what they are doing as easy as possible. Though either the product or service solutions.
I find sometimes, people in business will almost go out of their way rather than take in bad feedback. The average person, in wanting to avoid conflict, will sometimes give a pat answer rather than discuss real reasons for stopping doing business with you. No one likes to talk about negatives. No one likes to deal with rejection. So customers vote with their feet, rather than give you constructive feedback as to why they have left.