Cybersecurity Professional | SOC Analyst | Passionate About Systems Administration, Incident Response, and Cloud Infrastructure
💡 "Customer retention is the carefully orchestrated process whereby the customer chooses to extend their relationship with you." - Wayne McCulloch Customer retention is the most insightful metric that reveals whether or not we’re doing a good job. As Customer Success Professionals, we must sustain customer value and build strong relationships. The long-term success of every business depends on it. In financial services, for example, the Bain & Company management consulting firm found that a 5% increase in customer retention led to a 25% increase in profits. So how do we increase the odds of customer retention? Wayne McCulloch breaks down the conditions needed to achieve this: 𝟭. 𝗬𝗼𝘂’𝘃𝗲 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹𝗹𝘆 𝗱𝗲𝗽𝗹𝗼𝘆𝗲𝗱 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀, 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝗶𝗲𝘀, 𝗮𝗻𝗱 𝗽𝗹𝗮𝘆𝗯𝗼𝗼𝗸𝘀. This entices customers to stay because you’ve helped them achieve their desired outcomes. 𝟮. 𝗧𝗵𝗲 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗶𝘀 𝗶𝗻 𝗰𝗼𝗻𝘁𝗿𝗼𝗹 𝗮𝗻𝗱 𝗺𝘂𝘀𝘁 𝗰𝗵𝗼𝗼𝘀𝗲 𝘁𝗼 𝘀𝘁𝗮𝘆. They’ll base their renewal decision on the positive experiences and value they’ve received thus far. So retention is won upstream during onboarding and adoption. 𝟯. 𝗔 𝗵𝗶𝘀𝘁𝗼𝗿𝘆 𝗼𝗳 𝘃𝗮𝗹𝘂𝗲 𝗶𝘀𝗻’𝘁 𝗲𝗻𝗼𝘂𝗴𝗵. Customers who believe you can deliver future value are more likely to extend their relationship with you. Bring their awareness to the value they’ve gained, and give confidence that there’s future value to be had.
Cybersecurity Professional | SOC Analyst | Passionate About Systems Administration, Incident Response, and Cloud Infrastructure
8moThis clip comes from a full conversation with Wayne McCulloch on the Jake & Gino Show. You can watch it here: https://youtu.be/VqZjIG39k1c?si=AJA0M07-u23MJkjS