I know I normally discuss B2B lead generation but customer experience and retention is also an important topic both for myself and our clients. For a change of pace today , I thought you would find this to be an “Interesting Infographic”! Customers – what do they really want? You don’t necessarily need to turn to Jung or Freud to answer that question (in fact, I wouldn’t recommend it.) Putting together a Customer Experience Analysis program is a great way for your company to get to know your customers and to figure out how to keep them happy. Of the organizations that have developed Customer Experience programs, over half (52%) have retention rates higher than 75%!
This infographic by Primary Intelligence explains the value of Customer Experience, and gives some great tips on how to use it to improve the way that you do business. Let’s see what they have to say.
What is Customer Experience Analysis?
– The study of customers to learn how to retain more revenue in the future
– The measurement of a customer’s loyalty between purchase decisions
What can customer experience analysis tell you? It can tell you where to build loyalty and what your customers want. It can uncover information about the customer journey, and show you where upsell potential exists. It can also suggest product changes that will boost or retain your sales.
The Four Pillars of Customer Experience:
1. Customer Retention
2. Revenue Realized
3. Revenue Retention
4. Revenue Expansion
Why does Customer Experience Analysis work?
Providing a positive experience for your customers is very important when it comes to building customer loyalty and repeat sales, which are crucial for business success. In order to provide the best customer experience, you need to understand your customers – their behaviors, their preferences, and their opinions. Customer Experience Analysis is a powerful tool to help you reach that goal.
– Customer Experience Analysis goes to the source: customers and account managers
– Customer Experience Analysis teaches you how to drive value and tells you what your next move should be
– Customer Experience Analysis shows you how you can retain and grow your customer’s business
4 steps for retaining customers:
1. Put together a list of customers who are 3-6 months from renewal.
2. Speak to key decision makers from those accounts: ask them about the benefits they receive from your solution, find out if they have any complaints, and ask about the likelihood of their repeat business
3. Review your findings with the account team and ask them for their feedback. Identify any changes that should be made to keep that customer.
4. Make sure key stakeholders understand the factors that drive positive and negative customer experiences. Let everyone in your company learn from the customer experience insights, and benchmark your revenue retention and growth rates.
With those 4 simple steps, you should be well on your way to creating a great customer experience and building stronger relationships with your clients. Just remember, Customer Experience Analysis isn’t a one-and-done deal – it’s a process that needs to be repeated in order to keep improving your business.
How often does your business reach out to customers and ask them about their experience? Do you have a set schedule in place? Let me know in the comments!
