How To Turn Customer Insights Into Customer Retention Strategy?

You can retain your customers only when you understand their needs and problems. Customer insights will help you learn more about them and convince them to stay. Let’s find out how.

Ensure You Have all the Data

Before starting the planning process, it is essential to check the data. One missing data could ruin your strategy. You have to check for product usage data, Customer relationship management data and conversational data. Yes! You need both structured and unstructured data to formulate a strategy. You need to know not only the numbers but also the emotions.

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Spot The Patterns

Once you have everything ready, start spotting the patterns. Find out the similarities among the highest-paying customers. Form a customer avatar for your SaaS business based on similar traits. You have to optimize your upselling and cross-selling plans in order to please them.
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Next, find out the patterns in the churning customers. You have to target this segment with a persuasive retention plan. If you have hired professional services, they will probably provide you with the required customer profiles.

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Define The Problem

You know what audiences you have to target. Now, let’s look for the problems. Go through the insights and find out why the customers are leaving or why are they downgrading? All these answers are hidden in the insights themselves. For example, the majority group cancelling the services is male between the age of 20-25. When you study the customers closely, you see that their interest is more towards sports while your focus is on entertainment content (assuming you offer content-related services). You realize that the service is not fulfilling their needs.

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Look For The Solution

It is time to brainstorm the solution. You have all the insights in front of you, so mark the interests of your customers and focus on them. For example, in the above case, you can introduce a new section for sports-related content to retain customers.

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Set Targets

Set targets such as improved NRR, reduced churn rate, increased Loyal Customers rate etc. Give your team the milestones they need to achieve and improve your customer retention rate.

You can seamlessly carry out the process after you get the analytics report. Nonetheless, it will be complicated to conduct all the research and monitor all the metrics by yourself. No issues! Avail of the services of Adaptive pulse and focus on the improvements. We will bring the data in the correct format at the right time to you.

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