Customer retention is the lifeblood of business.
How to ensure customers never leave you 🧵
How to ensure customers never leave you 🧵
Before we run through the list, why is retention the lifeblood of business?
The Godfather of software, Jason Lemkin, perfectly sums it up in one tweet:
The Godfather of software, Jason Lemkin, perfectly sums it up in one tweet:
Ok, now that you understand why customer retention is hugely critical.
Here’s a few ways to really drive both gross logo retention and net revenue retention up:
Here’s a few ways to really drive both gross logo retention and net revenue retention up:
1. Identify your ICP
ICP stands for Ideal Customer Profile. You HAVE to figure out exactly who it is that you're serving. ICP’s have a few key traits:
#1. Industry
#2. Champion
#3. Super User
#4. Buyer
#5. Value statement
#6. Company characteristics
Map it out & stick to it.
ICP stands for Ideal Customer Profile. You HAVE to figure out exactly who it is that you're serving. ICP’s have a few key traits:
#1. Industry
#2. Champion
#3. Super User
#4. Buyer
#5. Value statement
#6. Company characteristics
Map it out & stick to it.
2. Expand product lines vertically
When you build new products they need to be for your ICP. Every new product line that comes out should directly correlate with other products have work well. Your ICP’s will tell you exactly what to build!
When you build new products they need to be for your ICP. Every new product line that comes out should directly correlate with other products have work well. Your ICP’s will tell you exactly what to build!
3. Invest in Customer Success early
Customer Success should be a big investment. Areas like Implementation, Integration, Account Management, Support, Expansion, and Renewal. All areas to build a great org around. Being world class in customer success = great retention.
Customer Success should be a big investment. Areas like Implementation, Integration, Account Management, Support, Expansion, and Renewal. All areas to build a great org around. Being world class in customer success = great retention.
4. Hold an annual user conference
It’s ok to start small. It’s ok to start virtually. But have a customer conference. Get your ear to the ground. Stack up benefits and throw a big party for your users. They will appreciate it.
It’s ok to start small. It’s ok to start virtually. But have a customer conference. Get your ear to the ground. Stack up benefits and throw a big party for your users. They will appreciate it.
5. Create a league of champions
A league of champions is a customer advisory board with perks. Find your best advocates and hook them up. Fly them out to a nice destination every year. Take them golfing. Do the small stuff to ensure their advocates for life.
A league of champions is a customer advisory board with perks. Find your best advocates and hook them up. Fly them out to a nice destination every year. Take them golfing. Do the small stuff to ensure their advocates for life.
6. Invest in the industry
It’s not enough to just market to users. What is your customers mission? How can you support them in this? Show your support. Put your money where your mouth is. Invest in the industry, invest in YOUR CUSTOMERS mission. Not just your own.
It’s not enough to just market to users. What is your customers mission? How can you support them in this? Show your support. Put your money where your mouth is. Invest in the industry, invest in YOUR CUSTOMERS mission. Not just your own.
7. Get on airplanes
Customers love face time. I’ll visit close to 50 customers this year alone. Go visit the ones that are struggling. Show them you're there, you're investing in the success of the product just as they are. F2F is so important!!!
Customers love face time. I’ll visit close to 50 customers this year alone. Go visit the ones that are struggling. Show them you're there, you're investing in the success of the product just as they are. F2F is so important!!!
8. Confront Issues head on
When folks are struggling you have to be there. You can’t hide from problems and just focus on people having a great experience. If you're in the trenches with them and guide them to success they won’t forget it.
When folks are struggling you have to be there. You can’t hide from problems and just focus on people having a great experience. If you're in the trenches with them and guide them to success they won’t forget it.
That’s it for now. Hope you found it helpful. If you learned something throw a like/rt so others can too.
I share learnings from founding, operating, and investing in vertical SaaS.
For more drop a follow @lukesophinos
I share learnings from founding, operating, and investing in vertical SaaS.
For more drop a follow @lukesophinos
Mailing list
Thanks @jasonlk :-)
Loading suggestions...