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How can you ensure stakeholders are aware of customer retention risks and issues?

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Customer retention is vital for any business, but it can also be challenging to manage. You need to identify and address the potential risks and issues that could affect your customers' satisfaction, loyalty, and advocacy. But how can you ensure that your stakeholders are aware of these risks and issues, and that they support your customer retention efforts? In this article, we will share some tips and best practices for senior stakeholder management in the context of customer retention.

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Ayushi Bhan

Medical Sales Manager @ Materialise | Sales | Medical devices | Medical Software |
Moitreyee Bhuyan

TA Lead India at Barclays (CIB Private Bank Front Office Banking Capability) | Championing Recruitment Excellence in…

1 Define your customer retention goals and metrics

The first step is to define your customer retention goals and metrics, and communicate them clearly to your stakeholders. You need to explain why customer retention is important for your business, what are the key indicators of success, and how you will measure and report them. You also need to align your customer retention goals and metrics with your stakeholders' expectations and interests, and show how they contribute to the overall strategic objectives of your organization.

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2 Identify your key stakeholders and their roles

The next step is to identify your key stakeholders and their roles in relation to customer retention. You need to map out who are the internal and external stakeholders that have a stake or influence in your customer retention efforts, and what are their responsibilities, expectations, and concerns. You also need to determine the level of engagement and influence that each stakeholder has, and how you will communicate and collaborate with them.

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Ayushi Bhan

Medical Sales Manager @ Materialise | Sales | Medical devices | Medical Software |
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One thing which I found useful, when using a CRM dashboard is to assign tasks/ roles in the dashboard itself. This way the internal stakeholders have a clear RACI framework. Things like, when to have a touchpoint with the customer, who to have a touchpoint with the customer, can be added in the dashboard which keeps things quite transparent.

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3 Assess and prioritize the customer retention risks and issues

The third step is to assess and prioritize the customer retention risks and issues that could affect your customer retention goals and metrics. You need to analyze the internal and external factors that could pose a threat or opportunity for your customer retention, and evaluate their likelihood and impact. You also need to prioritize the risks and issues based on their urgency and importance, and define the actions and resources needed to mitigate or exploit them.

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Moitreyee Bhuyan

TA Lead India at Barclays (CIB Private Bank Front Office Banking Capability) | Championing Recruitment Excellence in India | Specialist in APAC Recruitment and Cross-Cultural Team Building
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Once you have prioritized your stakeholders, you need to communicate and collaborate with them effectively to achieve your customer retention goals. You need to establish and maintain a positive and trusting relationship with your stakeholders, and keep them informed and involved in your customer retention strategy.

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4 Develop a stakeholder risk and issue management plan

The fourth step is to develop a stakeholder risk and issue management plan that outlines how you will inform and involve your stakeholders in addressing the customer retention risks and issues. You need to specify the objectives, scope, and approach of your plan, and assign roles and responsibilities to your stakeholders. You also need to define the communication channels, frequency, and formats that you will use to update and consult your stakeholders on the progress and outcomes of your plan.

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5 Implement and monitor your stakeholder risk and issue management plan

The fifth step is to implement and monitor your stakeholder risk and issue management plan, and track its performance and results. You need to execute the actions and activities that you have planned, and report on the status and achievements of your customer retention goals and metrics. You also need to monitor the changes and feedback from your stakeholders, and adjust your plan accordingly if needed.

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6 Evaluate and improve your stakeholder risk and issue management plan

The sixth step is to evaluate and improve your stakeholder risk and issue management plan, and learn from its successes and failures. You need to measure the effectiveness and efficiency of your plan, and assess its impact on your customer retention goals and metrics. You also need to identify the strengths and weaknesses of your plan, and seek feedback and suggestions from your stakeholders on how to improve it.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure stakeholders are aware of customer retention risks and issues?

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1 Define your customer retention goals and metrics

2 Identify your key stakeholders and their roles

3 Assess and prioritize the customer retention risks and issues

4 Develop a stakeholder risk and issue management plan

5 Implement and monitor your stakeholder risk and issue management plan

6 Evaluate and improve your stakeholder risk and issue management plan

7 Here’s what else to consider

Senior Stakeholder Management

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How can you ensure stakeholders are aware of customer retention risks and issues?

1

2

3

4

5

6

7

1 Define your customer retention goals and metrics

2 Identify your key stakeholders and their roles

3 Assess and prioritize the customer retention risks and issues

4 Develop a stakeholder risk and issue management plan

5 Implement and monitor your stakeholder risk and issue management plan

6 Evaluate and improve your stakeholder risk and issue management plan

7 Here’s what else to consider

Senior Stakeholder Management

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