After going through customer management, customer experience, and customer experience management, this article is focused on customer retention management. This term sounds quite self-understandable but is deep indeed and important as well to understand it properly. Apart from understanding the term, it is also crucial for one to adopt it in their fine-flourishing business platform for better growth and development.
Let us start this article by understanding the basics about what is actual customer retention management.
What is customer retention management?
Customer retention management is a term that refers to the way in which organizations or any business body serves and retains their existing, loyal, and most preferable customers. It’s the set of actions or can also be stated as a set of systemic events a company or an organization body takes to ensure that customers remain loyal to their brand over a long period of time. In other words, customer retention management is the key to your long-term success.
How one can build a preferable retention management system that works for your product?
Depending on the product or the business strategy lifecycle stage and business goals, your customer retention techniques and customer retention metrics will differ. As the product or the selling system differs, there will be a major difference in customer retention management strategy. Sometimes few actions will be enough while with some products the management requires to be solid and profitable.
Let us look into some of the basic ideas we have enlisted here as a part of the customer retention management strategy for 2022.
Find your product-market fit or make it one
This one’s fairly abundant and straightforward–that customers have no reason to stick around if your product isn’t what they need. Ensuring the product is market fit is essential to customer retention and growth.
Set clear goals and think wisely
Clear goals and wise decisions help map out the route to a successful customer retention management protocol. Knowing what we are trying to achieve is half the battle. These goals can look like this:
- Consistently keeping your customer retention rate above 75%
- Monthly increase in customer engagement across platforms
- Quarterly increase in customer lifetime value (CLTV)
Align with overall product strategy protocol and make it customer friendly
One needs to understand the customer to gain a strategic retention protocol to align them with the overall product strategy. In other words, one should get product management and product marketing on the same page if they’re not working in the same department.
Customer retention management is an optimistic systematic act. One needs to dig deep into the matter to retain loyal customers.
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