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Customer Retention Posts

4 Reasons Great Customer Experience Makes a Difference in Your Revenue

Written by Elizabeth Bell on August 22, 2019 at 9:45 AM | 5 minute read

Everybody’s talking about how to improve the customer experience (or CX) these days, but if better customer experience doesn’t translate into dollar signs for your revenue growth, then is the effort even worth it? Maybe focusing on customer experience is just a feel-good idea. 

For quality answers to these concerns, we’ll defer to data from Qualtrics XM Institute’s study, ROI of Customer Experience, 2018. They analyzed feedback from 10,000 U.S. customers and used CX scores from the 2018 Temkin Experience Ratings, which analyzed 318 companies across 20 industries.

They used this data to estimate how a modest improvement in customer experience would impact the revenue of a typical $1 billion company across 20 industries.

Their top finding puts a dollar value on customer experience:

"On average, companies can gain $775 million over three years. Software companies stand to earn the most ($1 billion over three years), while utilities stand to earn the least ($476 million over three years)."

So is customer experience worth the expense? This data suggests a resounding “yes,” that even a modest improvement in customer experience could change things big time for companies.

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Topics: Customer Communities, B2B Communities, User Group Communities, Customer Experience, Customer Retention, Customer Success, Customer Advocacy, Online Community

How to Give Your Customer Success Team Superpowers

Written by Calista Rollogas | on August 8, 2019 at 9:45 AM | 7 minute read

Is your customer success team burnt out? How about stressed? If the answer is yes, I’m not surprised. With recent emphasis on customer success programs and the rise in rapidly scaling tech companies, customer success teams are often strapped for resources and time.

Obviously, burnt-out customer success teams digging through disparate data sources and patching resources together for customers isn’t ideal.

These issues are roadblocks to your customer success team’s ultimate goal of improving customer satisfaction and growing your revenue. But how can you get past these roadblocks to activate your customer success team’s success?

It comes down to connecting your customers online.

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Topics: Customer Communities, B2B Communities, User Group Communities, Customer Engagement, Customer Experience, Customer Retention, Customer Support, Customer Success, Customer Advocacy, Online Community, Integration

What is Net Negative Churn? 4 Strategies to Grow Your Revenue

Written by Elizabeth Bell on July 10, 2019 at 1:22 PM | 5 minute read

Even the greatest companies out there are bound to lose a customer once in a while. It can be hard to pinpoint a single reason that your customers stay with you or leave. However, if there's one thing we know for sure, it's this: change leads to churn, especially in the SaaS world.

When services or products evolve, your new offerings aren’t always going to be the right fit for all your customers. Customer churn simply comes with the territory of doing business.

Since we know at least some churn is a given, is there any way for businesses to offset these costs? 

This is where net negative churn comes in. Although the wording can be confusing (isn’t churn already negative?), this metric is actually an effective growth strategy to help you counteract churn and increase overall revenue.

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Topics: Customer Communities, B2B Communities, User Group Communities, Customer Experience, Customer Retention, Customer Success, Online Community

2019 State of Community Management: What Now? 5 Stats with Action Items for Executive Stakeholders + Community Leaders

Written by Gabrielle Wathen on June 26, 2019 at 1:08 PM | 5 minute read

The data published in The Community Roundtable’s 10th Annual State of Community Management report was collected from 325 community programs between January and March 2019. ICYMI: We shared a collection of 39 nitty-gritty stats from the report in our first blog recap.

Communities are change agents, there’s no doubt about it. The 2019 State of Community Management report reveals that communities are transforming organizations in fascinating (and profitable) ways. Program outcomes can be connected to a variety of complex business objectives like customer retention, innovation, and culture change.

Because communities are complex, adaptive systems, they have the ability to address a variety of complex problems with a multitude of different solutions.

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Topics: Online Community Management, Customer Communities, Member Communities, Online Community Software, Customer Retention, Customer Success, Online Community

8 Ways Online Communities Improve the Customer Experience (+ Retention)

Written by Elizabeth Bell on May 28, 2019 at 12:09 PM | 6 minute read

On the day you’re reading this, at least one of your customers is watching a webinar, downloading an eBook, or fielding a phone call from your competition. 

But you know what? Big deal. When you focus more on becoming competitor-proof than on true customer success, you’re getting your priorities wrong. Why?

Making your customers successful is a long-term retention strategy. Your business rises and falls based on the customer. If they love you, they won’t leave you – no matter how many competitors come knocking on their door.

And one of the best ways to ensure your customers’ success and support them throughout their journey?

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Topics: Customer Communities, Customer Experience, Customer Retention, Customer Support, Online Community

3 Reasons Why You Should Be Marketing to Your Existing Customers

Written by Elizabeth Bell on April 2, 2019 at 9:24 AM | 5 minute read

Bringing in new business is and always will be important. However, marketing doesn’t end when the ink is dry on the contract. Where are you focusing your efforts after that initial sale?

Your new customers shouldn’t disappear into a black hole, never to hear from you again – that initial transaction should be the start of their defined customer journey, complete with strategic touchpoints for success.

Engaging current customers positively impacts overall business goals in several ways, including increasing revenue by generating opportunities for sales of additional products and services.

The problem is that not enough companies connect these top goals with customer marketing. Let’s explore three reasons why you should hone in on marketing to your existing customers.

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Topics: Customer Experience, Customer Retention, Customer Advocacy, Marketing Automation, Online Community

3 Lessons from a Unicorn: How to Harness Customer Feedback to Drive Brand Growth & Success

Written by Gabrielle Wathen on March 28, 2019 at 8:49 AM | 5 minute read

Facts: The Unicorn is Scotland’s national animal; you are reading this right now; and Glossier, a direct-to-consumer beauty brand, recently joined the ranks of other female-founded “unicorns” (privately held startup companies valued at over $1 billion). How? Customer listening.

Emily Weiss, Glossier founder and CEO, managed to transform what started in 2010 as her beauty blog Into the Gloss... into a beauty brand valued at $1.2 billion, and they recently launched Glossier Play, their colorful spin-off brand. On what she did differently, Emily says:

“Many of the beauty brands I grew up with were expert-led. They told me what products were in style and how to use them. From the start, I wanted to take a different approach with Glossier by co-creating the brand and products with customers.”

If you haven’t harnessed the power of customer feedback, you’re missing a serious opportunity to grow your brand into a community of advocates with customer success and satisfaction in mind. 

You don’t need to have the same business structure as Glossier to heed lessons from their approach - B2B brands can benefit from using engagement tools like online community and marketing automation to tap into their customer base on a more personal level for product collaboration, customer feedback, and brand growth. 

So, let’s talk about the power of people, since all companies are really “people to people” at their core, you know?

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Topics: Marketing, Customer Communities, Customer Engagement, Customer Experience, Customer Retention, Collaboration Tools, Customer Success, Customer Advocacy, Online Community

Google Remarketing: 6 Tips for Advertising Success

Written by Marisa Fiore on March 21, 2019 at 8:58 AM | 8 minute read

There’s marketing, and there’s Google Ads  ‘remarketing’ – a term Google established in regards to their ability to enable websites to show targeted ads to users who have already visited their sites. The term ‘retargeting’ seems to get thrown around in the same bucket since this is the term Facebook uses in regards to their advertising efforts, but we’re talking about Google Ads (formerly known as Google AdWords) today.

The ultimate goal of remarketing? You want people to convert. Specifically:

“Remarketing is a way to connect with people who previously interacted with your website or mobile app. It allows you to strategically position your ads in front of these audiences as they browse Google or its partner websites, thus helping you increase your brand awareness or remind those audiences to make a purchase.” [Google]

When remarketing is done successfully, you can re-engage prospects that dropped off, transforming them into leads and converting them based on behavioral actions. When you increase conversions, you increase ROI. It’s as simple as that.

We’ll dive into some quick tips to help you embrace Google remarketing as part of your strategy.

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Topics: Engagement, Marketing, Member Retention, Customer Engagement, Customer Retention, Member Engagement, Advertising

Does Your Community Throw Love at the World? (Time to Start)

Written by Gabrielle Wathen on February 14, 2019 at 2:58 PM | 8 minute read

So, I’m sitting here amid three monitors reveling at my flourishing desk plants, surrounded by my fellow marketers and community builders, as the sound coming through my earbuds drowns out their faint keyboard clicks and nearby sneezes, when it hits me: some of y’all aren’t showing your community enough love... and it shows.

I’m listening to the ever-so-delightful Jonathan Van Ness, of Netflix’s Emmy-winning show Queer Eye, chat with Reese Witherspoon about lady entrepreneurship on his podcast Getting Curious. As if their charming and gracious voices streaming into my ears wasn’t enough, their conversation is topical and genuine… and Reese just said something low-key amazing:

“I think the most profound thing you can do if you are an artist or a community builder is just throw love at the world, in any capacity you can.”

-Reese Witherspoon

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Topics: Engagement, Member Retention, Customer Experience, Member Experience, Customer Retention, Marketing Automation, Online Community

Customer Journey Mapping 101: The What, Why, and How

Written by Renee Schaefer on February 5, 2019 at 8:01 AM | 8 minute read

Renee presented on this topic at Higher Logic’s annual user conference, Super Forum.

Talk about the importance of the customer experience is everywhere these days, and it’s not just analysts or leading organizations doing the talking anymore. Delivering a consistent, low-effort customer experience from end to end has huge business benefits, but requires a fundamental organizational commitment that must cut across departments and teams.

A great way to get your organization on board to measurably improve the customer experience is to step into the customer’s shoes and experience that journey from their perspective – what your customers are doing, thinking, and feeling along the way.

Customer journey mapping will help you identify, with data, what’s working, what’s not, and will compel you to take necessary actions to improve.

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Topics: Engagement, B2B Communities, Customer Experience, Customer Retention, Customer Success, Online Community

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