If you don’t know how your customers are using your products, it can be a challenge to maintain their loyalty. How awesome would it be to put yourself in their shoes? What if you could understand how they are using your product, while they are using it? With that kind of insight, you could extend the lifetime value of your product, allowing customers to realize both short-term and long-term goals, and increase customer revenue (and your revenue) over time.
At Marketo, we talk about a “360 degree view” to more effectively leverage our customer success teams, which lets us drill down into specific aspects of each customer’s use. A 360 degree view of a customer is just what it sounds like – understanding the past, present, and future of a customer. With a 360-view of how customers are using our marketing automation software, we gain insight into each one’s progression with their success plan.
For our 360 degree view assessment, we look at the following criteria:
- Initial contract start date
- Renewal date
- Current value
- Renewal value
- Net Promoter Score
- Product usage/feature usage
Keeping track of these indicators helps customer success managers effectively predict whether or not a customer will remain loyal when it’s time to renew. Also look at call history within your CRM tool. You can determine pain points and what caused them to sign up for our product initially.
Of course, for accurate predictions, specific requirements need to be set. Let’s talk, for example, about product usage. Depending on your product, a customer who signs on to the service only six times in two weeks may be less likely to renew. Setting up an automatic alert, which is sent to a customer success manager whenever the requirement is met, allows the manager to jump on the opportunity and change the projected outcome of the scenario. This creates a proactive solution for renewing customers and increasing loyalty in high volume, rather than waiting until the customer’s renewal date rolls around.
Troubleshooting is crucial, but it’s just as important that you’re proactively reaching out to “healthy” customers. If all is well with a customer, does that mean they should be ignored? Absolutely not. Customer loyalty is just as important as retention. Have you ever made a purchase and been completely satisfied with it, without the slightest shred of buyer’s remorse? What if that company called you one day, out of the blue, just to see how things were going with the product, or how your weekend was? A small, simple act has potential to go a long way with your customers, and will continue to increase their loyalty and lifetime value.
Reaching out to satisfied customers has other benefits as well. It increases your chances of them tweeting or blogging about you to their followers, giving you free exposure. This is the perfect way to increase your marketing reach, with no extra strain on your marketing budget.
With a 360-degree view of every customer, increase renewal rates and loyalty, turn happy customers into brand advocates, and also gain peace of mind. You won’t wish you’d known how your customers are using your products, because you already will.