52 percent of organizations with Customer Experience programs in place have customer retention rates higher than 75 percent.
So just what is Customer Experience Analysis?
Customer Experience Analysis: The study of current customers to learn what you can do now to retain more revenue in the future.
Customer Experience measures a customer’s loyalty between purchase decisions
Customer Experience uncovers:
Where to build loyalty
What customers want
The customer journey
The Four Pillars of Customer Experience
Customer experience should be able to deliver these benefits for your company in order to be successful.
Customer Retention: Will we survive a contract renewal?
Revenue Realized: Are customers spending less than anticipated?
Revenue Retention: Are customers spending the same this year as last?
Revenue Expansion: Are we identifying all upsell opportunities with this client?
Why does Customer Experience Analysis work?
It goes to the source, customers and account managers
It tells you what happened and what drives value
It tells you what to do next to create benefits must be realized by the customer
It delivers an outcome to help you retain and grow the customer’s business
“The only customer experience that matters is the one that leads your customer to continue buying from you.”
—Ken Allred, CEO, Primary Intelligence
How to Retain Customers with Customer Experience Analysis
Who? Your customers, of course! Look for customers who are 3-6 months from renewal Find the key decision makers
What? “How goes it” with the customer. Ask what benefits they receive from using your solution and which you are not currently delivering. Find out the likelihood they’ll do business with you again
Why? Discuss with your account team. Review the customer’s experience with the account team. Ask them what was the major reasons that caused the customer to feel that way. Identify action items to retain this customer
Now What? Create an action plan. Explain to key stakeholders what is driving poor and excellent experiences. Give everyone in the company access to the customer experience insights. Benchmark your revenue retention and growth rates consistently.
Contact us to get more information about how Customer Experience Analysis can impact your business.