A CLV-Improvement Playbook For Recurring Revenue Businesses
Vasudeva Akula
Recurring revenue models have become increasingly popular. Whether it’s software as a service (SaaS) companies or subscription-based businesses, the ability to retain customers and maximize customer lifetime value (CLV) is paramount to long-term success. In this article, I will provide a comprehensive playbook for improving …
Orchestrate Omnichannel Customer Retention Actions For Maximum Impact
An omnichannel retention approach amplifies the reach of personalized retention offers by enabling every channel to present consistent offers to a particular customer irrespective of the channel. This significantly improves the profitability of the retention effort with surgical targeting. It helps deliver a holistic customer …
How To Use NPS As A Strategic Lever To Improve CLV
The net promoter score (NPS) is a widely used customer satisfaction metric that helps companies measure customer loyalty and predict business growth. A high NPS can also help you increase your customer lifetime value (CLV). In a manner, CLV has a strong correlation with the …
Top Revenue Growth Opportunities That Don’t Involve New Customer Acquisition
Sales or new customer acquisition is the most fundamental and obvious contributor to revenue growth. When we set a higher revenue target for a new financial year, we establish new benchmarks for sales efforts that highlight how many new customers we should aim to acquire …
Five Strategic Enablers Of AI-Driven Retention Transformation
As the complexity of customer churn grows, retention approaches are also evolving to tackle the churn risk and protect customer revenue—and AI can play an instrumental role in that. For many leading recurring revenue businesses, AI is transforming retention by leveraging customer data, advanced analytics …
Applying Gartner’s Analytics Maturity Model To Assess Your Customer Retention Program
Data fuels a customer retention program. Customer data collected from various touchpoints is key to deciphering customer behavior and implementing effective retention strategies by improving customer experience and engagement. A 2013 study by McKinsey found that data-driven organizations are 23 times more likely to outcompete …
Five Ways Decoding Sentiments Can Nurture Long-Term Loyalty
Sentiment analysis, also known as opinion mining, helps customer-facing businesses know their customers better and build stronger relationships with them. This is because sentiments have a critical role in a buying decision and customer life cycle. Customers associate them with the product or service and …
Empowering The Front Line To Minimize Customer Churn
Contact center agents, field service professionals, technicians, services reps—these are a few of the many roles that constitute your front line. The front line is a crucial part of your enterprise since these employees are your first line of communication with your customers. How they …
Why And How You Should Celebrate Customer Retention The Same As Acquisition
Customer acquisition vs. customer retention — the comparison has existed for quite some time, especially with global enterprises realizing the impact of customer churn on the bottom line and long-term growth. But most companies, regardless of size and scale, focus more on new acquisitions. They …
Five Tips For Creating A Successful AI-Driven Customer Winback Strategy
With rising competition and evolving customer expectations, companies realize the growing importance of customer retention. Customer churn is a grave concern for any recurring revenue business. It means lost future revenue and hampers a company’s bottom-line growth. Its impact further leads to lost referrals and …
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