You probably have heard the numbers, but forgotten the specifics. It is worth repeating. Research by Fred Reichheld, Bain and Company showed that increasing customer retention rates by 5% increases profits by 25% to 95%.
One of the best ways to improve customer retention is to re-think your internal processes from the customer’s point of view, often called a Customer Journey map or a Customer Experience effort.
Let’s look at it just from the perspective of Customer Support/Customer Success. On the surface, it’s not clear what to do. After all, your corporate website may already have a decent customer satisfaction rating (85%). Your Self-Service portal gets a pretty good rating (85%). And finally, after some intense effort, and your Call Center’s Customer Satisfaction rating has gone from zero to (relative) hero with scores consistently hovering around 90%.
Why is it then that customers still rate their experience as being terrible? There is a simple reason. While each individual interaction may be good, the cumulative experience across the journey isn’t particularly good.
This experience is even worse when you think across the entire customer journey. For a really powerful way to get people to think about (and measure) this, check out Klever’s Law: Time to Customer Value.
So what can you do?
Align your business and your employees around the needs of the customer.
Our new flagship software Klever Insight can help you achieve this. It is now open for any beta customer today. Be part of the development process and help shape the product based on the needs of your organization. Contact us if you are interested in participating.