A lesson in customer management from luxury hospitality No is essential in business. Without it, there’s no focus: every idea is a good idea and any deal is a good deal. Despite having limited resources, some companies try to be all things to all people, continually … Continued
Same change, different industry Last week, Totango discussed Customer Retention Cost (CRC) at their annual Customer Success Summit in San Francisco. Their new measure helps SaaS companies compare the costs of battling churn and growing installed base revenue. The metric, … Continued
In the subscription economy, the level of trust companies accumulate with customers is a primary driver of retention and loyalty. But what is trust and what should cloud computing executives be mindful of in their day-to-day operations? This business of … Continued
Evidence suggests trust forms a barrier to churn A competitor just introduced a new product that delivers significantly higher performance. Do you worry your customers will jump ship? If they trust you, there’s little to fear. A new study using … Continued
Software usage is just one driver in customer loyalty A widespread belief shared by Customer Success professionals is that promoting software use early after the sale leads to less churn. It makes sense. But usage is just one factor leading to … Continued
Manage these situations well and customers will be yours forever. Veteran salespeople know sales ultimately don’t come from a prospect’s logical evaluation of a product’s features, advantages and benefits. They know people make decisions based on emotions and then use … Continued
The cloud computing industry loses about $10B every year due to customer churn, and in response, many executives launch improvement initiatives. They assign Customer Success teams to engage new customers, increase product usage and probe for sales opportunities. Other times, … Continued
“My good opinion once lost is lost forever.” ― Jane Austen, Pride and Prejudice Eye contact. A smile. Friendly conversation. We all know first impressions mean a lot when we meet someone new or interview for a job. The same … Continued
It’s time to view relationship-building from a new perspective Studies have shown that people switch vendors for three reasons:1 1. Expectations for quality and value go unmet 2. Customers lack personal attachment to the supplier 3. It’s easy to switch … Continued
Use a p-chart to properly monitor shifts in customer churn Let’s say you run a Customer Success team and your manager asks you to perform cohort analysis in order to better understand customer churn behaviors. Your customers renew on a … Continued