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Improving Customer Retention by Managing the Customer Journey Webinar Slides
The document discusses strategies for improving customer retention by focusing on understanding customer journeys, demonstrating value, and ensuring customer success. Key elements include addressing renewal challenges, encouraging user adoption, and establishing clear communication and expectations from the start. Additionally, it emphasizes the importance of using data to demonstrate tangible business value and foster strategic partnerships with customers.
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Improving Customer Retention by Managing the Customer Journey Webinar Slides
- 1. KIA CX Consulting ImprovingCustomer Retention by Managing the Customer Journey Kia Puhm Principal, Kia CX Consulting @kiapuhm www.kiacx.com
- 2. KIA CX ConsultingKIACX Consulting Tweet us and join the conversation #CustomerLifecycle @GetAmity @KiaPuhm We’ll send slides and the recording Q&A at the end - ask them in the questions box! (If we run out of time, tweet or email us!)
- 3. KIA CX ConsultingKIACX Consulting About Kia Puhm • Customer Experience Pioneer • 21 years experience leading extremely fast growing software companies (> 2x YOY growth) • Computer Engineer University of Toronto • Licensed Professional Engineer (PEO) • Top 50 highest ranking business women in Switzerland • Successful exits (Adobe & Oracle), IPO's (NASDAQ, SIX Swiss Exchange) & venture funding rounds • Principal, Kia CX Consulting
- 4. KIA CX ConsultingKIACX Consulting the key to customer retention is knowing why your customers bought from you & ensuring that you deliver on your commitment to provide what you sold
- 5. KIA CX ConsultingKIACX Consulting
- 6. KIA CX ConsultingKIACX Consulting Improving Customer Retention
- 7. KIA CX ConsultingKIACX Consulting Improving Customer Retention
- 8. KIA CX ConsultingKIACX Consulting +1% = $10 million
- 9. KIA CX ConsultingKIACX Consulting Improving Customer Retention 1. Understand Renewal Challenges 2. Demonstrate Value 3. Make Customer Successful
- 10. KIA CX ConsultingKIACX Consulting Understand Renewal Challenges
- 11. KIA CX ConsultingKIACX Consulting Top Renewal Challenges "Our renewals are 65-70% for year 1 customers. We are above 88% once we get past year 1." “We were losing a lot due to lack of adoption. Seat vacancies and re- purposed licenses became a leading indicator for defections.” “We weren’t delivering on what we promised during our sales campaigns. The customers grew frustrated and left after their first year was finished.”
- 12. KIA CX ConsultingKIACX Consulting Year 1 Challenge
- 13. KIA CX ConsultingKIACX Consulting Year 1 Objectives • Get customers using the product • Focus on quick wins • Establish trust
- 14. KIA CX ConsultingKIACX Consulting Year 1 Tips • Welcome Call • Smart Start • Success Coach Program
- 15. KIA CX ConsultingKIACX Consulting Year 1 Goal Focus on quick wins & adoption to establish confidence Threats • Customer still questioning whether they made the right decision • Have not yet seen value from the product • Trust has not been established Actions • Get customers using the product quickly • Provide early successes for the customer • Show customers how to get value from your product Results Renewal rates can be up to 10-20% higher past year 1
- 16. KIA CX ConsultingKIACX Consulting User Adoption Challenge
- 17. KIA CX ConsultingKIACX Consulting User Adoption Objectives • Manage to journey • Regular touch points • Quantify value delivered
- 18. KIA CX ConsultingKIACX Consulting User Adoption Tips • Success Program • Proactive Check-Ins • Metrics & Benchmarking
- 19. KIA CX ConsultingKIACX Consulting User Adoption Goal Manage to your customer journey; focus on objectives Threats • Customer objectives unclear or changing • Journey to achieve goal not being followed • Customer not seeing/recognizing value delivered Actions • Manage customer through journey • Quantify value delivered regularly • Use metrics & benchmarking to help customers win Results QBR's improve retention Success rate is 2.5x higher for customers that follow success program
- 20. KIA CX ConsultingKIACX Consulting Didn't Deliver Challenge
- 21. KIA CX ConsultingKIACX Consulting Didn't Deliver Objectives • Level set on why bought • Get in sync early • Bring in sales if need be
- 22. KIA CX ConsultingKIACX Consulting Didn't Deliver Tips • Warm transition call with sales • Level set meeting • Reconfirm objectives
- 23. KIA CX ConsultingKIACX Consulting Didn't Deliver Goal Level set on why bought Threats • Product is not a fit for customer • Sales over-promised • Customer veers off course Actions • Include level setting as part of onboarding • Understand expected results, confirm with customer • Manage customer to those results Results Recognize immediately if product is not a fit and part ways or Re-set expectations to level set on what is achieveable
- 24. KIA CX ConsultingKIACX Consulting Poll Which of the following is the top renewal challenge for your organization? 1. Year 1: we have significantly more churn in year 1 than following years 2. User Adoption: lack of adoption is a leading reason for defections 3. Didn't deliver: product fails to deliver on sales promise 4. Other
- 25. KIA CX ConsultingKIACX Consulting Demonstrate Value
- 26. KIA CX ConsultingKIACX Consulting Demonstrate Value Use data with customers to demonstrate tangible business value 1. Metrics are valuable, use them! 2. Benchmark customer against best practice & relevant peer group
- 27. KIA CX ConsultingKIACX Consulting Metrics are valuable, use them! Use metrics to help your customers win & provide advanced warning when they don’t. • Identify jeopardy accounts • Develop leading indicators • Build risk profiles
- 28. KIA CX ConsultingKIACX Consulting Benchmark customers Use objective data to give customers the ability to measure themselves against their peers. • Provide performance metrics • Provide gap analysis • Deliver recommendations
- 29. KIA CX ConsultingKIACX Consulting Poll How mature is your organization's use of data in demonstrating value to the customer? 1. Missing: We don't use data 2. Ad-hoc: CS uses data when necessary to "save" accounts 3. Repeatable: CS uses data regularly to identify jeopardy accounts & react accordingly 4. Systemic: CS uses data regularly to demonstrate value & provides proactive recommendations
- 30. KIA CX ConsultingKIACX Consulting Make Customer Successful
- 31. KIA CX ConsultingKIACX Consulting Make Customer Successful Create opportunities for the customer to be successful 1. Be a strategic partner 2. Deploy strategic messaging
- 32. KIA CX ConsultingKIACX Consulting Be a Strategic Partner Collaborate on the customer roadmap. • Be a strategic partner • Provide "long-term" view for revenue • Create success opportunities • Show future roadmap for continued value generation
- 33. KIA CX ConsultingKIACX Consulting Deploy Strategic Messaging Target content based on role, not customer. • Message to individual • Segment events based on roles • Use metrics to determine communication
- 34. KIA CX ConsultingKIACX Consulting Poll How advanced would you say your organization is in deploying strategic partnering & messaging? 1. We are rather reactive with our customers & communicate when need be. 2. We provide customers with a success plan for the year & communicate accordingly to move them along in their journey. 3. We collaborate with our customers on their long-term roadmap and use communication strategically to help them achieve their goals.
- 35. KIA CX ConsultingKIACX Consulting the key to customer retention is knowing why your customers bought from you & ensuring that you deliver on your commitment to provide what you sold
- 36. KIA CX ConsultingKIACX Consulting the key to customer retention is knowing why your customers bought from you & ensuring that you deliver on your commitment to provide what you sold 1. Use Customer Journey to navigate top renewal challenges 2. Use data to demonstrate value 3. Be a strategic partner & deploy strategic messaging
- 37. KIA CX ConsultingKIACX Consulting How to Get Started: 4 Questions to Answer Now… Do you know why your customers are your customers? Do you have a process in place to make first year customers successful? Do you know the leading indicators that cause customers to defect? Do your customers know how they compare to their biggest competitors?
- 38. KIA CX ConsultingKIACX Consulting About Kia CX Consulting KIA CX Consulting accelerates business growth through Customer Experience innovation. Kia provides the leading methodology to establish a disciplined and sustainable CX framework that drives revenue, retention and scale. kia@kiacx.com 647.588.1447 @kiapuhm www.kiacx.com
- 39. KIA CX ConsultingKIACX Consulting Meet Our Host Paul Philp Founder & CEO paul@getamity.com @pphilp www.getamity.com
- 40. KIA CX ConsultingKIACX Consulting Q&A
- 41. KIA CX ConsultingKIACX Consulting Join Kia on April 26 for the next webinar in the Defining & Managing Your Customer Lifecycle Visit getamity.com/resources to register!
- 42. KIA CX ConsultingKIACX Consulting Many Thanks To Our Presenter! KIA CX Consulting accelerates business growth through Customer Experience innovation. Kia provides the leading methodology to establish a disciplined and sustainable CX framework that drives revenue, retention, and scale. kia@kiacx.com 647.588.1447 @kiapuhm www.kiacx.com
- 43. KIA CX ConsultingKIACX Consulting Thank you for being here!