This week’s Sunday Rewind is a 2022 article on strategies for customer retention.
It starts with the fundamentals - how customer retention has a direct impact on company success, why data is everything and why the challenges of customer retention are different in B2B and B2C companies.
It looks at metrics, including which metrics to focus on, and at the ways in which AI is being used to aid customer retention. It also looks at value, as opposed to metrics, and at building out a product value creation plan.
It then looks at what causes customer churn. For example, poor customer service, unresolved technical product issues, and a lack of product/market fit, and at elements which are often ignored but cause churn, like poor customer onboarding and the expectation that customers will be proactive.
Lastly, it examines strategies for improving customer retention, and at the key moments that ensure that your customers will regularly come back to your products.
The parting advice is to “humanise the process, engage with your customers in a non-transactional way, and involve them in the product. Remember that your customers can communicate with you across many channels so be ready to respond promptly across all of them”.
Read the original article: How to face the challenges of customer retention
