The ultimate goal of any business is to gain a customer for life. So how do you do that? Start by creating a customer journey that doesn’t just start at their time of purchase and end at contract expiration.
Do you know what your customer needs in between those two milestones? Understanding what your customer needs between onboarding and renewing can help you grow your relationship, gain your customers trust, and ultimately create a customer for life. Let’s start retaining customers by understanding the full scope of opportunities to reach out to them. There are many touchpoints in the complete customer lifecycle, let’s look at the top five:
“The economic value of a customer is realized over time, instead of upfront at the initial sale. Being successful increasingly requires that companies actively manage their customer during their engagement relationship.”
- Identify Coverage Gaps | Do you have visibility into what customer products are not covered by a service contract? Your next sale could be right in front of you. If your customers have a vested interest in ensuring that the assets their business has purchased are protected over time, the chances are, they’ll be open to your sales pitch. At the very least, they’ll appreciate your efforts to help them manage their important investments.
- Maximize Customer Investment Value | Help customers see value in their investments by promoting usage and sharing information about benefits, best practices, and tips/tricks. Measuring and monitoring your customer’s adoption/consumption – and using that data to engage with helpful reminders and utilization suggestions – will help ensure they are realizing value, while reinforcing your role as an adviser they can trust.
- Evaluate Expansion Opportunities | Are there other assets or solutions your customer should consider? Demonstrate commitment to a customer’s business objectives by suggesting complementary solutions designed to improve network performance. By tracking and managing the lifecycle of these products, your business stands to gain an ongoing annuity stream that adds up over time.
- Capitalize on Renewals | Capitalize on your annuities stream by effectively tracking your renewal opportunities. Map out engagement campaigns that are targeted and timely (suggested time frame: reach out to customers within one to three months or more of contract expirations), focused on renewing that subscription. If you have effectively engaged with your customer in the lifecycle touchpoints leading up to this point, the hope is that this renewal is a non-event, and your efforts can be spent pursuing other opportunities.
- Know When to Refresh | By analyzing and monitoring product and service sales transaction data for end of life (the typical server, for instance, may need replacement after five to seven years), you can proactively get in touch with your customers at the right time with a new offer that addresses their business needs into the future. Keeping a pulse on their product needs means you’ll be ready when they are to buy a new product — it’s that simple.
Now may be a good time to reevaluate your post-sale customer engagement model to see if there are revenue opportunities that may be falling through the cracks. Here are some additional resources to help you get started:
- Watch the On-Demand Webinar: How to Automate and Digitize Customer Engagement
- Check out more helpful resources at SuccessHub