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Retaining customers: The purpose behind the process
To effectively improve retention, companies need to have a defined process in place to manage renewals.
Your team will be more efficient in their day-to-day and ensure that nothing slips through the cracks when renewal time comes along. Additionally, it will also allow them to deliver a more consistent and positive customer experience for your customers.
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Determine what at-risk means and how to monitor for it
The first step of establishing a renewal process is defining the leading indicators of risk within your customer base. They could include:
- Change of an executive sponsor
- The number of support tickets opened
- A drop in usage of your product or key features
- Negative survey responses or low NPS/CSAT
- Missed onboarding, adoption, or lifecycle milestones
- Lack of perceived value by your customer.
- Lack of visibility or missing indicators that can escalate the possible churn of a customer.
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Drive the right actions to close every renewal
You need to define a standardized plan of action or a playbook that enables your team to mitigate risks before a renewal cycle. Playbooks help your team be more proactive in managing renewals and provide step-by-step guidance on the actions your team should take to close the renewal.
Playbooks for at-risk and healthy customers help your team build consistency into their workflows, collaborate more effectively with other teams working on the renewal, and ensure that no missed critical steps during the process.
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Power improved retention at scale
The key to driving a lasting and meaningful impact on customer retention metrics is scaling your processes properly. For most companies, this is where CS technology can have the most significant impact.
Automated workflows can help your team work more efficiently and engage your customer base throughout the entire customer lifecycle.
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