We're taught that positivity breeds positivity. "Believe in yourself" wouldn't be a popular saying if people thought that negativity leads to success. But negative emotions can also drive people to positive actions. In many cases, negative emotions can be more powerful motivators than happiness and love. That’s only, however, if they’re used correctly. Here are some tactics for using the psychology of social pain to keep your customers onboard.
When it comes to customer retention, two key actions can make or break your business: 1. Facilitating undeniable customer impact 2. Delivering an unparalleled customer experience The first is about facilitating a profound change in your customer’s organization. According to Gallup, this one action is “the single greatest driver in generating growth for B2B companies”. When you transform your customer’s reality by dramatically improving their workflow, significantly reducing their costs, or helping them skyrocket their revenue, you make your product indispensable in the process. No wonder it’s a key ingredient in maximizing retention—it encourages habitual usage of your product. The second is about outperforming your competitors on customer experience. In fact, Gartner found that 89% of companies now expect to compete primarily on customer experience. The thing is, “okay” isn’t good enough in 2017. Customer expectations are at an all-time high. You now have to curate a timely, relevant, and personalized customer journey, nail customer support, and take advantage of every opportunity to surprise and delight. Phew! That sounds hard, doesn’t it? 😰 Well, it doesn’t have to be. Sometimes quick wins can have a big impact, which is why this post features 11 tried-and-true retention techniques that take mere minutes to set up.
<p>Churn refers to the loss of customers who are subscribed to or use a service. Churn rate is an important component of growth because it is tied to the retention of users of a service. When more users churn, retention rates are lower. When churn rate is high, it is harder to grow a product or service because more new users are required to offset the users who churned from the service. Churn is particularly important in SaaS businesses and other businesses where users pay a recurring subscription fee. These businesses creaet profit from long customer retention spans and a high customer lifetime value. When churn is high, businesses can't capture the full expected lifetime value. These are the best articles on how to reduce churn and improve customer lifetime value. From how to reduce churn, how to generate negative churn, how to use customer success to lower churn rates and hacks to reduce churn, you'll find tactics to improve retention and growth for your business.</p>
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