Account management best practices to retain top customers

Key quotes:

• "Knowing as much as possible about a customer, such as their needs and thoughts, is of utmost importance and will aid in customer retention."
• "To improve customer experience, businesses need to exhaustively analyze customer data."
• "Customers interact with brands through a higher number of channels; however, it is costly and time consuming to create personalized content for every channel and every customer segment."
• "One way to grow customer retention rates is to combine the use of emails, text messages, and in-app notifications to retain customers looking for immediate help when needed."
• "Building a great customer relationship by personalizing customer service channels will help create happy customers, thus increasing your company’s customer retention rates."
• "Mapping helps to identify when customers are most likely to stop using a product as well as allowing businesses to analyze how to retain customers."

Transcript: And here's Adrian great thanks Carla and good afternoon everybody this is a session on best practices in account management how to use a land and expand strategy to grow your business and a lot of small businesses are missing or leaving a lot of money on the table missing a huge opportunity with their existing customers everybody's out there trying to get more customers more customers and I think if we could get small business owners to just slow down a little bit and look at the customers that they currently have and what additional value can they provide to those customers not only would they get increased revenue it could actually grow their businesses much more strategically the product we could go to the next slide I'll just look at the agenda we'll look at the relationship lifecycle and I think this really underpins the whole account management approach understanding where you are in the lifecycle of your relationship with your customers and then how to move forward how to advance the relationship and then I'm going to share with you a five-part account management formula and we'll just briefly take a look at each part and look... See more →

Key quotes:

• "In fact, “executive teams that make extensive use of customer data analytics across all business decisions see a 126% profit improvement over companies that don’t” (McKinsey, 2014)."
• "While the intention is there, according to Forrester, “only 15% of senior leaders actually use customer data consistently to inform business decisions” (“The B2B Marketers Guide to Benchmarking Customer Maturity”, Forrester, 2017)."
• "So, you have the data — make sure you actually use it and enforce any changes needed in the business to make it happen quickly."
• "Not only do they need to understand the importance of analytics but also have the skills to analyze it themselves, so use this as a benchmark when hiring."
• "Those that have similar characteristics (FTE size, annual spend, job title, type of industry) to your existing customers are probably those most likely to want your product, to find it valuable and therefore stick around."
• "To create solid customer retention strategies, we can use predictive analytics to make predictions about the future, by looking at historical data, to learn what customers may like or dislike."

Key quotes:

• "Thus, customer retention strategies empower you to both provide and extract more value from your existing customer base."
• "We’ve broken down twelve customer retention strategies that the biggest tech goliaths and brands are currently utilized to inspire loyalty."
• "Important Note: Upselling is a great way to increase revenue and you don’t necessarily need a full-blown recommendation engine to suggest products."
• "According to a recent Statista Report, more than 60% of customers trust online reviews and witnessing popular individuals and brands use your product actually makes others want to do it more — thus, FOMO is a really good marketing and retention tactic."
• "Hence, push notifications are a great tool of reminding customers about your brand, new deals, offers, product updates, price drop, etc."
• "Thus, utilizing it to drive repeat purchases is something you should include in your customer retention strategy."

Transcript: I think what we see globally is that customers want to be treated like a valued customer the one-and-done approach to customer service is important everywhere it's important that companies respect people's time it's important that people get their problems or their questions resolved on the first contact with the company but I think increasingly as either in contact China where people have more disposable income or in economies like say US UK where people are still facing the economic downturn people increasingly want to be treated like a valued customer very simply it means retention it's much easier to retain an existing customer than it is to acquire a new customer and so whereas customer satisfaction is a differentiator it's going to mean a significant contribution to your bottom line because it means retention there are two things it really means first of all is churn which goes directly to a company's bottom line and furthermore perhaps even more significantly in some markets it means reputation for the company so what we found in China is that 97% of people who have a bad experience tell somebody about it and the second or third most popular way to tell... See more →

Key quotes:

• "That’s because it’s going to probably cost a lot more to convert them compared to the money they are going to spend on that one purchase that they make from you, which means that you’re business is essentially losing money most of the time when trying to sell to new customers."
• "If there’s anything that’s going to really hurt your customer retention efforts, it’s providing subpar customer service."
• "When it comes to providing good customer service and taking pride in the way you take care of your customers, you need to take a proactive approach to solving their problems."
• "Of course, you can give them discounts and prizes to show them that you care, but you can also do things like provide them with exclusive offers or make sure that they are the first people who are getting a chance to try your new services or products."

Key quotes:

• "Recurring customer Loyal customer If you’re running an ecommerce store already or are thinking of creating one, there are some basic things to implement that can help your business grow."
• "Collecting a database of your customer emails comes in handy when you launch new products, test new campaigns and promote special deals, gather feedback… Simply put, it’s a great way to speak directly to your customers, and build long-term relationships from day one."
• "Remarkably, marketing communication experts Patrick Spenner and Karen Freeman claim that ““trust” isn’t about trusting the brand; it’s about trusting the information gathered.” Create a good first impression of your business by presenting policies online consumers care about the most."
• "It looks something like this: In addition to ideas that improve customer service and their experience, personalized product recommendations in emails are another effective way to improve customer retention too."
• "The list of customer loyalty and retention examples can go on and on starting from personalized discounts, early sneak peeks of newly launched products to affiliate programs, and brand ambassador opportunities."

Transcript: Hello everyone George Packard family lawn and landscape today I want to give you a couple of tips on how to retain customers okay first off here's how the business works you do your advertising you get the phone to ring then you lock them down that becomes a customer you start making money you pay your bills this is how in a nutshell how everything boils down to okay so customers leave you for lots of reasons okay no matter what business you're in there's many reasons why they leave you so for example let's say they leave you because they lost their job and they can no longer afford your services that's one reason happens a lot okay or they take a pay cut or whatever and they they just have a bad medical problems or say they've got a lot of dental work and all of a sudden you know there's not enough money to go around so they can't afford your service maybe they lost their job maybe they're moving maybe they just died we've had that happen to us you know you know competition competition is huge it's another reason that customers leave you people... See more →