Customer Retention
Renewal Strategies | Customer Retention
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Less NPS and More High-Touch Understanding
We have become too dependent on electronic surveys and NPS/CSat scores to tell us that our customers are okay. These are fine indicators but do not always tell us why we lose customers.
read moreService Renewal Metrics: Definitions and Benchmarks
Service renewal metrics indicate the level of performance for sustaining service relationships and retaining recurring revenue. Tracking both service contract renewal and recurring revenue retention is essential to help identify the factors that lead to customer and revenue retention and attrition and provide important indicators about the overall state of customer relationship health.
read moreService Revenue Generation Metrics
The ability to accurately track the effectiveness of Service Revenue Generation activities is essential to maximizing revenue from new and existing customers. There are three primary opportunities to capture service revenue including the sale of new contracts at the time of the initial product sale (Attach); renewal of existing service contracts (Renew); and as reinstatements (Win Back) of contracts that have been previously cancelled by customers. This article presents a consistent set of metrics and definitions to help companies measure the overall of service sales and renewal policies, programs and personnel.
read moreHow Effective are Your Renewal Practices?
Use ServiceXRG’s Contract Renewal Assessment tool to get an immediate evaluation of your current renewal practices and performance. The assessment takes just a few minutes and will provide you with a customized performance scorecard with recommendations for improving contract renewals.
read moreStemming Maintenance Contact Attrition
When achieving industry-average renewal performance the percent of customers under contract erodes to 46% of the original relationships at the end of a five-year period. Here are suggestions for moving beyond industry average performance.
read moreRetention is Paramount – Make it a Strategic Priority!
If there is one service performance indicator to steer by it is RETENTION. You can have plenty of satisfied customers but still not grow, but you can’t grow unless you retain the customers you have.
read moreWhy Your Customers Don’t Renew Service Contracts and What You Can Do About It
Why aren’t you renewing more of your service contracts. The most common reasons for non-renewal are: Lack of perceived value; a customer stops using your product; a product reaches maturity; or poor service quality. Non-renewal is also caused by poor renewal practices. This article introduces the top reasons for non-renewal and offers practical advice for how to improve renewal rates.
read moreWhy Customers Don’t Renew
There are many reasons why customers choose to cancel their service relationship. The most common reason for cancelation is that they do not perceive that the benefits outweigh the cost of continuing the service. Or, they do not feel that the risk is too great to cancel – this is a common perception by customers that use mature products. The least likely cause of customer cancelation is poor service quality.
read moreService Renewal Rates
Definition Renewal rates measure renewal performance and may indicate the number of contracts or revenue retained. Once a company has established a service relationship with a customer the service renewal policies and practices it uses determine whether it sustains...
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