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What strategies can be employed to best retain customers across varying segments and channels?

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Customer retention is the ability to keep your existing customers loyal and satisfied with your products or services. It is a key factor for business growth and profitability, as it costs less to retain a customer than to acquire a new one. But how do you measure and improve customer retention? In this article, we will explore some of the most effective customer retention strategies for different segments and channels, and how to use customer experience and quality metrics and KPIs to monitor and optimize them.

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1 Segment your customers

One of the first steps to improve customer retention is to segment your customers based on their behavior, preferences, needs, and value. Segmentation allows you to tailor your marketing, communication, and service strategies to each group, and to identify the most loyal and profitable customers. You can use various criteria to segment your customers, such as purchase frequency, recency, lifetime value, product usage, feedback, or satisfaction. By segmenting your customers, you can also create more personalized and relevant offers, incentives, and rewards to increase their loyalty and retention.

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Jude Sacramenthas

VC @ Graphite l Ecosystem Builder
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One thing I found really helpful is getting consistent feedback from customers. This helps you understand the gaps in either the service or offering your providing and mitigate against these.

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Anshal Raj

Sales Strategy & Revenue Operations @ Cisco | The Fuqua School of Business
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I use K-NN to cluster customers based on Intrinsic and extrinsic parameters like TAM, Share of Wallet, ASP Compare, Level of Service, # of employees etc. This analysis can be utilized at multiple places and is a great value add for the business. We have built a churn model unique to each of the clusters, for best fit. Additionally, you can use it for customer outreach, market basket analysis and targetted sales plays to generate incremental revenue

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2 Choose the right channels

Another important aspect of customer retention is to choose the right channels to interact with your customers and deliver value. Different channels have different advantages and disadvantages, and you need to consider your customers' preferences, expectations, and behaviors when selecting them. For example, some customers may prefer email, while others may prefer social media, phone, or chat. You also need to consider the type and purpose of your communication, such as transactional, informational, promotional, or educational. By choosing the right channels, you can enhance your customer experience and retention.

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Jude Sacramenthas

VC @ Graphite l Ecosystem Builder
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An example of this I am seeing is more interactions with customers through social media channels. LinkedIn particularly does a great job since you can stay connected and see different milestones they are experiencing. By simply liking or commenting on one of their post your helping them and being a part of their journey.

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3 Monitor customer experience and quality metrics

To measure and improve customer retention, it is essential to monitor customer experience and quality metrics that reflect customer satisfaction, loyalty, and advocacy. CSAT (Customer Satisfaction) is a metric that gauges how content customers are with your products or services, usually on a scale from 1 to 10. NPS (Net Promoter Score) is a metric that assesses how likely customers are to recommend your products or services to others, usually on a scale from -100 to 100. CRR (Customer Retention Rate) is a metric that calculates the percentage of customers who remain with you over a given period of time, usually a month, a quarter, or a year. CCR (Customer Churn Rate) is a metric that calculates the percentage of customers who leave you over a given period of time, usually a month, a quarter, or a year. To collect this data, surveys, feedback forms, and ratings can be used. Ultimately, these metrics are invaluable for understanding customer experience and improving customer retention.

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Anouk de Jonge

Customer Success
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If you're in B2B SaaS, one of the things I've found important to track for a customer health score is their usage and activity. How many active users do they have? How often do they log in and use your product? What do they do inside your product? Most importantly, what goal do they have with your product and are they (on their way to) achieving that goal? NPS and CSAT are nice, clean numbers that seem useful but the bottom line is that if your company doesn't solve the pain the customer hired you to solve, this is the real indicator of customer experience.

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Jude Sacramenthas

VC @ Graphite l Ecosystem Builder
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Definitely agree with this, what is important is that we take the insights given from a low score and look to move up that experience in the future. These are learning opportunities for the whole organization.

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4 Set and track customer retention KPIs

To ensure customer loyalty, it is essential to establish and monitor customer retention KPIs that are in line with your business objectives. These KPIs are quantifiable, achievable, pertinent, and time-bound metrics that enable you to assess your progress and performance. For instance, you could aim to increase customer satisfaction by X% in Y months, raise the net promoter score by X points in Y months, increase customer retention rate by X% in Y months, or reduce customer churn rate by X% in Y months. By keeping track of customer retention KPIs, you can recognize your strengths and weaknesses and take the necessary steps to enhance your customer retention strategies.

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Canberk Beker

Founder, ROASted | Digital at LinkedIn
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I believe one of the best retention indicators is the product usage in the software industry. If your customers are constantly using the product, obviously it’s easier to run an NPS survey or measure the satisfaction; but if they are not using your product, then it probably means that the churn is coming. Therefore I think the first step is to measure the product usage, then understand why some of your customers are not using the product, and then fix it.

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5 Optimize your customer retention strategies

To maximize customer retention, it is essential to optimize your customer retention strategies based on the data and insights you collect from customer experience and quality metrics and KPIs. Testing, analyzing, and refining your strategies is essential to ensure they are effective and efficient. To optimize your customer retention strategies, you can improve product or service quality and features to meet or exceed customer expectations and needs, enhance customer service and support to provide timely, helpful, and friendly assistance and solutions, create and deliver valuable and engaging content and education to inform, entertain, and educate customers, build and nurture customer relationships and trust through regular and personalized communication and feedback, and reward and incentivize customers for their loyalty and referrals through discounts, coupons, loyalty programs, or referrals programs. By optimizing your customer retention strategies, you can increase customer satisfaction, loyalty, and advocacy, and ultimately, your business growth and profitability.

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What strategies can be employed to best retain customers across varying segments and channels?

1

2

3

4

5

1 Segment your customers

2 Choose the right channels

3 Monitor customer experience and quality metrics

4 Set and track customer retention KPIs

5 Optimize your customer retention strategies

Customer Retention

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What strategies can be employed to best retain customers across varying segments and channels?

1

2

3

4

5

1 Segment your customers

2 Choose the right channels

3 Monitor customer experience and quality metrics

4 Set and track customer retention KPIs

5 Optimize your customer retention strategies

Customer Retention

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感谢您的反馈

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