This Customer Retention series teaches you everything you need to know to get predictable customer retention results. By the end of this Customer Retention series, you’ll be on your way to confidently increasing your customer retention.
Before revealing the best non-software customer retention tool you’ve never heard of, we’re going to cover 2 of the most commonly used customer retention tools.
These tools are good on their own. But, as you’ll soon discover, the best non-software customer retention tool that you’ve never heard of can overcome the downfalls of Customer Retention Tool #1 & #2 and . . . increase your customer retention rates — all at the same time.
Customer Retention Tool #1
Nearly every company has some customer retention activities. These may include short surveys like Net Promoter Score (NPS), Customer Satisfaction (CSAT) and Customer Effort Score (CES). They may also include Customer Health Scores, account reviews and churn or exit interviews.
If your company is using any or all of these . . . Congratulations!
These and other retention activities are a big step toward improving customer retention.
The biggest issue with these activities is – they’re just activities. Rarely are they a part of a cohesive customer retention strategy. They are simply bits & pieces of retention activities that are sprinkled throughout the customer journey.
Bits & pieces retention activities are stand alone; they are not tied with other retention activities. This means there’s a lack of leverage and loss of momentum when using them. Lack of leverage and lost momentum means more time collecting data, and higher costs to execute and analyze the data. Overall, using a ‘bits and pieces’ approach means putting more effort into budging your retention metrics.
Customer Retention Tool #2
Software can be a life saver.
Until it’s not.
We’ve all bought software to solve a problem.
We’ve all had problems with software.
The challenge with software is ensuring that the right software is bought at the right time to solve the right problems.
One of the top reasons for negative experiences with software is that companies expect the software to fix their problematic processes. Instead, once implemented, the software tends to amplify existing operational issues rather than solve them.
It’s crucial to optimize your processes before purchasing your software — especially software that impacts your customers. Customer retention tool #3 (the best non-software customer retention tool that you’ve likely never heard of) can help with optimizing your processes.
(Yes. You read that right. The tool I promised in the opening paragraph not only helps to optimize your processes, but it also can increase your customer retention rates too.)
Customer Retention Tool #3
As a customer retention expert, retention tool #3 is my preference. Yet most companies either use this tool only a little bit or they don’t use it correctly.
Customer Retention tool #3 does a lot of heavy lifting –
- from optimizing your processes so your software can run smoothly
- to helping you easily spot opportunities to increase customer retention
- to making more of your customers happy
And here is the reveal:
Retention tool #3 is insights.
But a very special kind of insights.
Read this article to find out what these insights are & how they can help you.
You’ll also discover:
- how these special insights fit together to create a powerful insights matrix
- which insights you may be missing that can give you an understanding of customer retention like you’ve not seen before