How can a leader stay current with the latest customer retention trends?

The best way to stay ahead of the curve in customer retention, leaders should adopt a continuous learning approach. Engage in industry research, monitor customer feedback, embrace innovation, collaborate with peers, and dedicate time to professional development. Leverage technology, stay informed about regulations, benchmark against industry standards, and seek external expertise when needed.

One of the best ways to keep up to date with customer retention trends is to subscribe to the SaaS platforms that drive this behaviour. The set out to educate potential buyers and if you source material from multiple sources, you'll get a balanced view. Also being a member of trade organisations such as the DMA (Data & Marketing Association), ensures unbiased views. Lastly, you can follow me, because I talk about this topic all the time! @daryldcruz.

Review the customer online reviews of your company. Customers tend to be brutally honest in online review feedback. It is a great way to find common problems within your own company for a tailored resolution.

Keeping customers happy is important. Reading reports and blogs helps. But don't stop there! Think differently. For example, exploring psychology journals might reveal new ways to understand why people stick with certain brands. Ever thought about how nostalgia affects loyalty? Sometimes, looking beyond the usual places gives fresh ideas for keeping customers.

This is the ideal opportunity for customers and employees to answer on how they feel about the service. They can answer on how they enjoy the product and how they feel about delivering the service.

When leaders foster a culture of continuous learning within their team/organization, this ensures that collective knowledge remains up-to-date, encouraging the exchange of ideas and insights.

A good way to start the journey of excellence is to consider other industry customer retention methods. It is important to understand what could be relevant in the business context. For example, a car dealership hosting an annual rally could be the inspiration for a restaurant’s annual local food fest.

Collectively, your customers have the best insight into your market as they are often interacting with multiple companies in your space. They understand what is being provided and what is lacking. These insights can help you cater your offerings to not only stand apart from the competition, but provide your clients with an unparalleled experience. Great communication and thorough leads analysis will uncover all the “secrets” to a successful retention plan.

While at the same time staying competitive with fixed op sales. The percentage of repeat sales is significantly higher with a long term happy service customer.

While at the same time staying competitive with fixed op sales. The percentage of repeat sales is significantly higher with a long term happy service customer.

Finding new ways to keep customers coming back is important. Like using special software or loyalty programs. For example, think of a store that gives you points every time you shop—those points keep you coming back, right? Or using numbers and tests to see what your customers like. It's like trying different games to see which one everyone enjoys the most. These ideas can make your customers really happy and stick around.

We've seen a ton of success by analyzing the largest and most valuable data source, what your customers say to you and your team in phone calls, emails, tickets, and chats. Unfortunately, 99% of this information is seen once and wasted in almost every business. But it doesn’t need to be this way. Businesses are now turning these conversations into insights and interventions that shed risk on renewals and potential churn.

Know that there are two sets of customers internal employees and external customers the paying type. Remember they are not always right but they are always the customer Remind yourself and staff there are three levels of customer service Core, value added, and delight You can’t add value or delight without first being sure the core level is complete

How a leader can stay current with the latest customer retention trends? Here is the best strategy: 1️⃣Engage in industry research and networking. 2️⃣Monitor customer feedback and data. 3️⃣Embrace experimentation and innovation. 4️⃣Collaborate with peers and mentors. 5️⃣Continuously learn and adapt. 6️⃣Empower employees and encourage feedback. 7️⃣Leverage technology and automation. 8️⃣Stay informed about regulatory changes. 9️⃣Benchmark against industry standards. 🔟Seek external expertise when needed.

Leaders can stay abreast of the latest customer retention trends by attending conferences and networking events as this provides valuable opportunities to connect with industry experts and learn firsthand about emerging strategies. Also, participating in webinars, workshops, and relevant online forums can be effective in staying informed about evolving customer retention.

In my experience, the first step in any successful customer retention strategy is to know and understand your current customers. You must train your employees to interact with customers daily, and ask some of the questions below: 1. What are their expectations when they interact with your business? 2. Why did they choose your business over the competition? 3. What unique value do you offer, from their perspective? 4. Why do they keep coming back? 5. What type of content is most valuable to them? You can do this by gathering information through surveys, focus groups, or simply observing how customers interact. Train your team members to call and interview a realistic set number of customers a month to gather this information.

Service, service, service. As a former Retention manager for two national telecommunications companies, I can tell you retention isn’t a problem as much as it is an opportunity. If you can put out a quality product and make employees “want” to live up to the same standard, this becomes less of an issue. However, haters gonna hate. Customers love to tell us what we are doing wrong. The question is how do I internalize this information and use it to deliver an amazing experience? What is my intention? What is my motivation. Are both of them clearly visible in my actions? The simplest formulas are the easiest to get right. Ultimately, people want to do business with people who make them feel good. It’s not complicated. We make it complicated.