Just like you will have inconsistent customers, same also apply to SFI environment. But nevertheless, you don't have to chase/scare them off but rather, keep doing the underlisted tips:
Customers have more choices and are more demanding than ever. If they don't get the kind of treatment they expect from one business, they can simply go to the competition.
It can cost five times more to attract new customers than to keep current customers. Costs include advertising and promotion, sales representatives'; time and training, opening new account records, and other administrative costs.
Some experts estimate that an organization can boost profits 100 percent by retaining just 5 percent more of their existing customers.
Loyal customers provide free advertising when they tell others about their positive experience with the organization. These referrals can bring in new customers who have the potential to become loyal customers.
Every contact with customers counts. One frustrating or unpleasant experience could be enough to turn a customer away from even the best product at the best price.
Just like you will have inconsistent customers, same also apply to SFI environment. But nevertheless, you don't have to chase/scare them off but rather, keep doing the underlisted tips:
Customers have more choices and are more demanding than ever. If they don't get the kind of treatment they expect from one business, they can simply go to the competition.
It can cost five times more to attract new customers than to keep current customers. Costs include advertising and promotion, sales representatives'; time and training, opening new account records, and other administrative costs.
Some experts estimate that an organization can boost profits 100 percent by retaining just 5 percent more of their existing customers.
Loyal customers provide free advertising when they tell others about their positive experience with the organization. These referrals can bring in new customers who have the potential to become loyal customers.
Every contact with customers counts. One frustrating or unpleasant experience could be enough to turn a customer away from even the best product at the best price.
• Tremendous Value: Is your application delivering on its promise? For example, if your app is built for project management, are users successfully creating projects, inviting colleagues, and increasing productivity via efficient collaboration? Also, do you have a workflow in place to increase the success of lagging customers? This approach allows you to improve your product based on what you learn.
• Enjoyment: Just getting the job done is not enough. Your product should be a delight to use. Invest in usability and product design and make your product truly intuitive. How do you know you are doing a good job at this? There's a good chance your customers are on Twitter, recommending the product to colleagues.
o Great Support: Build wizards to walk your customer through how to successfully use your app. If there is a bug, reach out with a solution. Help could be a phone call, e-mail, or a link to a piece of educational content.
Assign one executive on your team to be responsible for customer success. This person's function should be to help customers realize the value they subscribed for. The success manager will also guide every new customer through a series of training steps. After the initial 90-day onboarding period, the success manager will monitor for any signs of customer unhappiness to determine if a customer needs more attention. The entire customer success team should also be responsible for renewals and expansion sales.
In a subscription economy, customer success is key to your growth. Successful customers stay longer, increasing your revenue.
3. Create a Customer Health Score
Invest in technology that tracks customer health. Start with a simple survey tool like Survey Monkey. It will help you determine what your Net Promoter Score is on a quarterly basis. You can obtain a Net Promoter Score by asking customers how likely is it that they would recommend your company to a friend or colleague, on a scale of 1-10? The percentage of Detractors (0-6 rating) is then subtracted from the percentage of Promoters (9-10 rating) to obtain a Net Promoter Score.
Even better, track customer health in real time by analyzing customer usage of your application. It turns out that almost all cancellations are preceded by a period of no use. You can create in-house scripts to track how engaged customers are with your application, and segment customers by their engagement score.
To help customers succeed, you need to find out who's doing well and who's struggling to get value from your application. The only way to do that systematically is to define a consistent health benchmark for your paying customers, then track each account to see who needs help. Here are some example benchmarks:
• Good Health: Successfully using the application
• Average Health: Using the application, but not at the level of a successful customer
• Poor Health: Not using the application; unsuccessful
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