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.
Less NPS / More High-Touch Understanding
To mitigate churn, we need to dig deeper to understand why a customer stops (or never starts) using a product or why they do not perceive value from the services they pay for.
The best way to do this – pick up the phone or visit your customers and listen to their concerns! Don’t wait for customers to cancel before engaging them.
How We Keep Customers
Not every relationship can (or should) be retained, but if you listen carefully enough you will find that you can address many top churn factors. Onboarding, adoption, success planning and account management are all powerful tools to mitigate risk factors.
Principles and practices of customer success are taking us in the right direction with an emphasis on retaining existing relationships. We need to make certain that we avoid the temptations to rely too much on tech-touch and keep personal channels of communication open with customers – especially the ones we do not hear from on a regular basis.
The Bottom Line
Retention of both relationships and revenue are critical indicators of business health. Understand retention levels and underlying factors that influence them. Retention is paramount – make it a strategic priority!
How effectively do you engage new customers? Do have a formal onboarding process? Do you help customers plan for success with your products? Do you monitor customer health? Take this assessment to see where your practices stand and learn how to maximize customer success management.
Check out ServiceXRG’s Customer Success Management Assessment. You will get immediate feedback with recommendations.
When new customers purchase service agreements you must make certain that they understand how to access and use the services they are entitled to through a formal service onboarding process. This article introduces the best practices for service onboarding.read more
Selling the value of service is making the case for why the customer is better off with it than without. This article explores the 5 critical steps for establishing a credible and compelling service value proposition.read more
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 more
Why don’t customers buy services? Because they believe they do not need the coverage or that they do not feel that the costs outweigh the benefits. Learn how to overcome customer objections by understanding what customers want from Support.read more
Technology vendors that rely on partners to perform critical service functions must have a well-defined and executed channel strategy to maximize service sales effectiveness and sustain customer loyalty. This article outlines the steps necessary to optimize services through channel partners and introduces several research studies for channel management best practices.read more
Why don’t customers buy services? Because they believe they do not need the coverage or that they do not feel that the costs outweigh the benefits. Learn why customers buy services so that you can convey a compelling value proposition and overcome objections.read more