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Triin Ilves
Community @ Klaus
Asked a question 19 days ago

As per the widely quoted equation, increasing customer retention rates by 5% can increase profits by 25%-95%. However, the big question is: how do you ensure customer retention? Share your tips & best practices πŸ™

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Manoj Nama
Customer Success, India

Customer retention is an outcome of a number of engagements that are a combination of the following and more as we all evolve over time:

  • Sales process or aligning product functionality to use cases and clearly calling out what cannot be done.
  • Onboarding and setting the right expectations of what each role does. eg: sales and customer success.
  • Success Engagements have a number of sub-activities from understanding why the customer bought your product to how you help them meet and exceed their goals/objectives in investing in your product.
  • Point 3 is achieved by setting up a Success Plan with quick wins, medium to long term wins eventually leading to achieving the corporate vision.
  • Relationships keep and grow business. Business and Executive level relationships.
  • Building allies within a customer organization.
  • Partnership or Account Strategy <> this is a combined effort by both sales and success teams on how you will nurture this customer over time.
  • Staying away from being Sales, sales, sales, sales!!!! Which is killing the real purpose of customer engagements.Β 

Hope this helps :)