Clients are the foundation of any successful business. Without clients, it doesn’t matter how great your product is or how amazing your customer service is. Therefore, once you acquire them, it stands to reason that you would want to hold on to them if it’s possible. In this blog, we’ll talk about client retention and how customer success relates to it.
Understanding Retention
Client retention is a company’s ability to keep clients over a period of time. These retained clients can be considered your “existing customers.” Since existing clients are less expensive to acquire than new ones and since they tend to spend much more than new clients over time, a high retention rate is highly sought after. But as with anything that’s desirable in the business world, it’s not always easy to obtain. One great strategy to increase your retention rate is to focus on customer success.
What is Customer Success?
Customer success is just what it sounds like: how your product or service help clients achieve their goals or meet their expectations. If you care about customer success, this communicates to clients that you care about your product or service working for them. By offering a great product and great customer service, you can give your clients the best chance at success. When you show clients you want their success just as much as you want them to buy your product, you’ll inspire loyalty in them. This attention to customer success will inevitably lead to much higher client retention.
Of course, you’ll need to refine your customer success strategy if you truly want it to increase your retention rate. Tactics such as vetting clients for success, offering free learning resources for your product or service, and offering an incredible customer service experience can all contribute to a dynamic customer success strategy. By implementing strategies like this, your retention rate can gradually increase, leading to major increases in revenue over time. Clients appreciate when the companies they buy from care about them, and your return on investment from these efforts will show you how truly effective customer success is for increasing retention rate.
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