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 they’ve purchased don’t meet their needs.
So, how can companies compete effectively in this environment and retain their customers?
As Zuora CEO, Tien Tzuo, explains, “in this new era, it’s all about relationships.” In our eBook 5 Customer Retention Strategies that Work, we outline ways to build relationships which keep your customers engaged with your offering.
Ready to learn more? Click to download this eBook today or read below for a quick overview of customer retention strategies that work.
How to Define Customer Retention and Churn
According to Customer Success software company Gainsight (a Skilljar customer), customer retention “refers to the strategies used to keep customers from spending money elsewhere. When a customer leaves, it’s known as churn. A successful customer retention strategy will build symbiotic business relationships, drive brand equity, and encourage customer loyalty amongst your customer base.”
Essentially: It’s no longer enough to assume that your customers will just “figure it out” after a purchase is made. Instead, businesses must empower their customers with the relevant information to understand how to derive value from their product.
Get 5 Customer Retention Strategies
It’s broadly understood that retaining customers is both more cost-effective and generates a better return on investment than new customer acquisition. That said, improving retention is no easy task. So, what are customer retention strategies?
Here are five retention strategies for customers we have outlined in our free eBook:
- Offer accessible, multi-channel support
- Create opportunities for customer feedback
- Prioritize effective customer onboarding
- Drive continuous value and engagement
- Adopt an expansion-centric long-term strategy