Customer Experience Analysis: Retain Revenue
52% of organizations with Customer Experience programs in place have customer retention rates higher than 75%.
So just what is Customer Experience Analysis?
It is 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
- Upsell potential
- Product enhancements
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 happens: what drives value
- It tells you what to do next: benefits must be realized by the customer
- It delivers an outcome: 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
Customer Experience Analysis: How to Retain Customers
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 find out if there are benefits not being delivered
- Find out the likelihood of there being repeat business
Why? Discuss with your account team
- Review the customer's experience with the account team
- Ask them what major reasons 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 t o the customer experience insights
- Benchmark your revenue retention and growth rates consistently