Customer retention today is more challenging than ever before, not only because customers have more choices, but also because they are willing to exercise these choices if the products that they’ve purchased don’t meet their needs. An important driver of this change is the arrival of the Subscription Economy. As Zuora CEO, Tien Tzuo, explains, “in this new era, it’s all about relationships. More and more customers are becoming subscribers because subscription experiences built around services meet consumers’ needs better than the static offerings of a single product.”
So how can companies compete effectively in this environment and retain their customers?
As technical complexity increases and the competitive landscape becomes more crowded, organizations will have to demonstrate value throughout the entire customer lifecycle to retain customers. The most effective, engaging, and scalable way to drive this value over the long term is with a strategy that places customer needs and wants at the center of your efforts.
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