Customer Retention: An Outcome of Data and Listening

Everything about the customer, from the ‘who he/she is,’ to the ‘why he/she does it,’ is now known, thanks to the availability and accessibility of data. The power of insights from data is incredible, but that is only possible if we can assess it correctly. Today there is a never-ending downpour of data. And the general assumption that more data makes better predictions is being hindered by the sheer weight of the data itself. Can anyone confidently say they have the sophistication to truly leverage all their incoming data?

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As a marketer in 2021, you must have observed the rapid changes in the last decade. Today everyone in your target audience has access to complete information, and customers increasingly know the exact details of what they want. One of the new challenges for marketers is to project value accurately, even within the smallest details of a product or service. Without this level of attention, it can feel like game over.  

 

But just like how our customers have evolved, so have we. Everything about the customer, from the ‘who he/she is,’ to the ‘why he/she does it,’ is now known, thanks to the availability and accessibility of data. The power of insights from data is incredible, but that is only possible if we can assess it correctly. Today there is a never-ending downpour of data. And the general assumption that more data makes better predictions is being hindered by the sheer weight of the data itself.  Can anyone confidently say they have the sophistication to truly leverage all their incoming data?

 

For example, you may have seen some customers showing an 80% positive sentiment, and everything with the account seems good. But suddenly, they cancel their subscription, catching your marketing and customer success team completely off-guard. To learn that something is not right at the price of a lost customer is downright painful. And all the more frustrating when you can sense a problem somewhere, but you have no clue what it is. So how do you stop this customer from leaving? What is the key to this customer’s retention?

Common mistakes that most high-growth businesses get wrong in retention are:

 

  • Prioritizing new customers over existing customers. Acquiring a new customer can cost five times more than retaining an existing customer. It makes financial sense to invest in keeping your existing customers. How is your organization marketing post-sale?


  • Making false promises that won’t be delivered. As a marketer, when we choose to exaggerate and make false promises, we are diving straight into losing our customers’ trust. And there is nothing more dangerous to customer success than losing customers’ trust. When lost, you can feel that gap.


  • Not listening to your customer or unable to listen. There are a lot of reasons why a company starts tuning out customer comments and sentiment; bandwidth siloed teams and complacency, among others. Some of the causes are cultural, others are structural. Either way, if uncorrected can be the beginning of the end.

 

Enter technology to help! Leveraging a platform that taps into the power of data-driven insights will allow your Customer Success teams to confidently forecast renewals and, most importantly, to prioritize and focus on problem areas with customers who truly need attention. This approach gets right to the center of the issues and enables you to capture near real-time actionable insights on customer sentiments. Insights that, at most times, are hidden in the data, and even the most experienced CSM may fail to notice. When everything is properly driven by data, the probability of delivering your promise increases. It enables you to give back to your customers. It is a result of your professionalism. And customer retention becomes an easy outcome of just that.

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