Learn how sales reps are using ValueCloud® to progress deals and elevate conversations
Stay ahead with customer value thinking.
Companies track a lot of metrics, including customer acquisition costs (CAC), customer lifetime value (CLV), and monthly recurring revenue (MRR). While these are all important to measure, one metric that often gets overlooked is the customer retention cost (CRC).
Many businesses focus on customer acquisition strategies to raise their profits. However, customer retention often leads to a higher return on investment (ROI). It costs businesses five times more to acquire a new customer than keep an existing one. When your organization develops methods to increase customer retention, you grow a loyal customer base that positively spreads the word about your company and yields a better bottom line.
Customer success is shifting from being measured in terms of analytics and metrics to customer value. The change is attributed to a more customer-centric market with new consumer demands and advancing technology. As a result, your key performance indicators (KPIs) to measure customer success must also adapt to continue to thrive in today’s business environment.
Customers stay loyal to a brand when they see value in a product. It doesn’t matter how many features the product has or how many problems it can solve. If a product can’t meet at least one business need, the customer will seek greener pastures elsewhere.
As we all know, your customer is your top priority. It takes hard work to secure your customer before and after they purchase your product or service. If customers aren’t taken care of, they aren’t going to consider doing business with your competitors. Customer journey maps are a tool that helps people understand and buy into the benefit and solution of your product/service. The importance of having a strategic customer journey is to provide a superb experience for your customers to retain their business.