FOUNDATIONAL FRAMEWORK

3 Steps to Using Data to Idle Defection Risk and Improve Retention

Architect and Activate Effective Customer Retention Models

As customers gain more control and raise expectations in their buying processes (and digital disruption accelerates competitive encroachment), ensuring superior customer experiences that drive retention and repurchase is the surest path to sustainable revenue growth. Effectively executing on this imperative requires data-driven approaches that ensure the delivery of the right message, at the right time, to the right buyer through the right channel.

There are 3 core actions you must take to effectively drive a data-driven approach to customer engagement and retention:

Drill-Down on CX Measurement
High-level brand metrics must be augmented with operational customer experience data and aligned to the key zero moments of truth for your customers.
Augment Retention Models With Emerging Patterns
Retention/defection patterns are driven by both firmographics (industry, size, geography) and product usage experience, which may have sizeable changes during disruptive times. Focus on augmenting models with emerging changes occurring during disruption.
Deliberately Prescribe X-Functional Execution
Marketing, sales, and customer success teams need coordinated approaches.