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Value is the currency of customer retention

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Are you “locking in” customer retention instead of fueling it with value? I found myself nodding to this article about why customer retention should be about value.  You definitely don’t want your customers to “stay” only because they can’t leave (contracts) so you can ensure a decent “lifetime value” from them. Why? Because it could dramatically increase the chances of finding yourself stuck with a disengaged and dissatisfied user base!

Which brings me to my next point, do you assume a customer who doesn’t complain is a happy customer? Every day we, as customers, make “silent decisions”, like after non response from a support line or a webpage that takes too long to load, we get frustrated…and then we’re gone. Customers who complain care enough to bring it to your attention – complaints are free insights! Make it easy for your customers to get in touch with someone.

A company that has amazing customer retention is Starbucks. According to StreetAuthority the average customer visits the store about 6 times a month, and the even more loyal 16 times a month. Last week, I had shared about how customer retention is a result of loyalty and trust — and their fans are not only loyal to the brand, but also fanatic about the coffee. “They stay loyal to Starbucks for the brand, the customer experience, and most important, the consistency of the company’s drink.”

Maybe SaaS companies could learn a thing or two about customer retention from the “Starbucks effect”: good customer experience plus consistency in the deliverables.

Jill Rubin

Jill is a senior marketing and business development executive with experience leading successful teams in both large companies and startups. She has taken companies from early stage to strong revenue growth and propelled established businesses to industry leadership positions.

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