Learn how to create a sustainable system for boosting customer retention and renewals. In this presentation, you’ll learn: - How to leverage higher engagement - 6 key elements of B2B customer retention - Actionable strategies to increase customer retention and renewals Find out if your business has all of the major symptoms of high customer churn. Watch the video: http://web.socious.com/secrets-to-increasing-customer-retention-renewals

1. THE SECRETS TO INCREASING
CUSTOMER RETENTION & RENEWALS

2. HOUSEKEEPING
 Tech Check
 Twitter: #RetentionSecrets
 Ask Questions in the Q&A
PanelJoshua Paul
Socious
jpaul@socious.com
@Joshua_D_Paul

3. WHO CARES ABOUT CUSTOMER RETENTION?
CUSTOMER LIFETIME VALUE
• Licensed or subscription-based
software
• Services
• Membership
TRANSACTIONAL
• Consumer products
• Apps
• One-time services
• Events and tickets

4. 80% of Future Profits Will
Come from 20% of Your
Current Customers.
Source: Gartner

5. THE TYPICAL BUSINESS
Before the Initial Purchase After the Initial Purchase
Spend, Effort, and Interest
• Branding
• Pricing
• Positioning
• Marketing
• Lead Generation
• Converting Leads Into Customers
Revenue Opportunity

7. Are customers
getting expected
outcomes?
RESULTS

8. Can customers
get this value
anywhere else?
EXCLUSIVITY

9. Is your
message/value
getting through?
PENETRATION

10. Do your customers
think that your
company cares
about them?
PARTNERSHIP

11. Do your
customers know
that their issues,
priorities, and
ideas are being
heard?
VOICE

12. Are your
customers
engaged with
your ecosystem?
COMMUNITY

13. ONGOING ENGAGEMENT
MAKES CUSTOMER
RETENTION POSSIBLE.

14. THERE ARE CERTAIN
THINGS YOU WANT
CUSTOMERS TO DO.

15. Remain a
Customer
Use Your
Product
Provide
Constructive
Feedback
Purchase
Add-Ons or
Services
Become an
Advocate or
Reference
Renew
Their
Contract
Upgrade
Your
Solution
Attend a
Customer
Event
Utilize
Specific
Support
Resources
THERE ARE CERTAIN THINGS
YOU WANT CUSTOMERS TO DO.

16. HIGHER CUSOMER
ENGAGEMENT LEADS TO
MORE CUSTOMER DOING
WHAT YOU WANT THEM
TO DO AT A LOWER COST.

17. Training FeedbackConferenceServices
HIGHER ENGAGEMENT = HIGHER CONVERSIONS
(AT A LOWER COST)TOTALCUSTOMERBASE
TOTALCUSTOMERBASE
TOTALCUSTOMERBASE
$$$$$
$$$$
$$$
$$
$
TOTALCUSTOMERBASE
Cost With Lower
Customer
Engagement
Cost With Higher
Customer
Engagement
Average
Engagement
$$$$$
$$$$
$$$
$$
$
Cost With Lower
Customer
Engagement
Cost With Higher
Customer
Engagement
$$$$$
$$$$
$$$
$$
$
Cost With Lower
Customer
Engagement
Cost With Higher
Customer
Engagement
$$$$$
$$$$
$$$
$$
$
Cost With Lower
Customer
Engagement
Cost With Higher
Customer
EngagementAverage
Engagement
Average
Engagement
Average
Engagement
Increased
Engagement
Increased
Engagement
Increased
Engagement
Increased
Engagement

18. THE ROLE OF CUSTOMER ENGAGEMENT
IN CUSTOMER RETENTION
CUSTOMERS ARE MORE…
• Informed about products,
services, and support options
• Responsive to messages
• Poised to Take Action
• Understanding of challenges
• Aware of your vision and how
your company works

19. Make Better Decisions With Actionable Data
• Who to contact
• When to contact them
• What to contact them about

20. ARE CUSTOMERS GETTING RESULTS?
• Where can customers ask questions?
• Do customers have ongoing access to
how-to’s, tips, and experts?
• Where can customers find out what
other customers have done?
• How do you highlight things customers
can do that they might not have known
about?
• How to customers find on-demand and
live product training?
• How do you identify customers whose
expectations are not being met?
1

21. CAN CUSTOMERS GET THIS
VALUE ANYWHERE ELSE?
• Engagement opportunities
extend your product
offering
• Stand out in your market
• Identify customers who are
frustrated
2

22. IS YOUR MESSAGE/VALUE
GETTING THROUGH?
• Maintain engagement by
providing consistent value
• Highlight relevant
opportunities to engage
• Higher engagement leads to
higher conversion rates
3

23. DO YOUR CUSTOMERS THINK THAT
YOUR COMPANY CARES ABOUT THEM?
• Host the discussions that
your customers and industry
are having
• Show more transparency
• Build trust through
consistency
• Monitor and be proactive
• Reach out personally
4

24. DO YOUR CUSTOMERS KNOW THAT
THEIR VOICES ARE BEING HEARD?
• Provide dedicated
opportunities for feedback
• Highlight customer ideas
• Identify customers who are
not participating in the
product development
process
5

25. ARE YOUR CUSTOMERS ENGAGED
WITH YOUR ECOSYSTEM?
• Provide access to content
and conversations
• Identify customers who are
less connected to the
ecosystem
6

27. TAKEAWAYS & NEXT STEPS
COVER YOUR
BASES
1
MAINTAIN
ONGOING
ENGAGEMENT
2
LEVERAGE
YOUR TOOLS
AND HIGHER
CUSTOMER
ENGAGEMENT
3

28. QUESTIONS?
WE’RE HAPPY TO HELP!
JPAUL@SOCIOUS.COM
@SociousSoftware
WWW.SOCIOUS.COM