Today, customer retention has become an essential part of business strategies. It can make a massive difference in full terms of your business’ success and failure.
Customer retention is the ability to keep your customers with your business for more extended periods by converting them into recurrent buyers. Eventually, high customer retention rates imply high business value. Customer retention’s ultimate goal is to convert your customers into loyal buyers and maximize their lifetime value (LTV). It is one of SaaS companies’ crucial things as they successfully keep their loyal customers for more extended periods. According to the study of Harvard Business Review, improving customer retention rates by 5% maximizes profits by 25% – 95%.
Furthermore, customer retention strategies typically involve fewer costs as compared to customer acquisition strategies. 82% of companies believe that customer retention strategies are inexpensive compared to customer acquisition strategies. Indeed, the retained customers have a higher lifetime value than acquired customers. Therefore, investing in customer retention will boost your business value and revenue in the long run.
How to improve customer retention with Training?
There is a direct relationship between customer training, product adoption, and customer retention. For SaaS companies, this is the critical element of their business model.
Surprisingly, customer attrition occurs for numerous reasons. Your customers possibly are not the right fit for your business. They may find it challenging to understand and use your product and services. Importantly, your customers can experience pain points at any time for varied reasons. Therefore, it is vital to examine your customer’s lifecycle to determine patterns of their problems. For instance, the number of customers experiencing the same issues at the same time. Therefore, businesses must understand the pain points of their customers to prevent customer attrition.
Let’s learn how to implement a training program successfully to drive customer retention rates.
Determine where your customers are struggling.
Businesses must keep an eye on how their customers are engaging with their products and services. Research is critical for figuring out the weaknesses or struggles in the customer journey.
It is crucial to study your customer behavior through a CRM to determine primary reasons for not choosing your products or services. This will help you to identify the everyday struggles that your customers that lead them to churn. Also, examine your customers’ usage patterns to analyze data for identifying different onboarding stages you are losing them at.
Scrutinize your Customer’s Journey.
Get insights from people who know your customers well. Look at your Support, Sales, and Marketing teams as they have experience and knowledge on the customer journey and their struggles.
Surveying your customers who are trying to churn away is one of the fundamental ways of figuring out what influences their journey. However, some of the issues will be complex. Still, you will be successful in discovering a lot of information about your customers that will help you prevent them from churning away.
Most of the time, customers don’t have enough resources or knowledge to utilize products and services that your business offers or feel unsupported while learning. However, a good customer training program can help you resolve all issues and lead to increased customer retention rates.
Establish a Customer University.
The secret behind customer retention is understanding how your products and services help your customers. By establishing a customer university, you can quickly and efficiently train and retain your customers. All that is required is to set up a training program that highlights your products and services’ features. You can increase your customer’s retention rates by educating them on your products’ ins and outs.
You can create unlimited courses for your customers – from FAQs to Video programs to minimize the workload on your support team. Furthermore, you can add exams and quizzes to your training program to boost their learning retention. Additionally, you can leverage Gamification to make the learning process more engaging and fun. It’s easier to set up a customer journey with a learning management system and achieve your training goals.
Today, most SaaS companies are adopting this technology as one of their customer retention strategies. With KloudLearn’s content library, you can create any training program suiting your customers’ training needs.
Examine your Customer Training.
Once you have created and delivered your training program, all that is left is to examine your course program’s performance. It is crucial to analyze customer training reports to determine the impact of training on your customers. Analyze the exam results to discover the knowledge gaps. Furthermore, you can also collect feedback from your customers by surveying them. This will help you understand where your customers are succeeding and failing. By utilizing all this information, you will successfully maximize your customer retention rates.
Improve Customer Retention with KloudLearn
Customer success is focused on increasing your customers’ lifetime value and ultimately transforming it into a business profit. There are numerous customer retention strategies; however, down the line, there are no shortcuts. Customer retention is a balancing act. Customer training is a great way to retain customers, engage them quickly with your product, services, and build stronger relationships with them.
KloudLearn helps you deliver engaging and interactive customer training using its powerful Learning Management System. You can quickly create exciting training programs for your customers with a built-in course authoring tool. Maximize your customer engagement with Gamification and blended learning. Furthermore, track your customer training progress and reports using built-in interactive dashboards. To learn more about KloudLearn, Schedule a Demo now.