Measure Customer Retention Rate
As the customer’s main advocate, you fight every day to strengthen and grow your relationship with them. Now more than ever, customers are mobile, empowered by data, and have a plethora of options for each of their needs. Because of this, there’s a growing need to increase priority to measure customer retention rate and sell continuously as customer churn takes center stage.
Key indicators to use for Measuring Customer Retention Rate
- Net Promoter Score: Net Promoter Score (NPS) is a relationship-based survey scoring and tracking what is described as “the ultimate question”. Would you recommend our product or service to your peers? If you ask just one thing of your customers to answer and provide specifics, this is it (You can calculate your NPS score here).
- User Adoption: To track your customer’s overall adoption of your product or service to better understand and uncover trends around usage. This allows Sales and Customer Success to view usage and adoption at the account level, to gauge customer temperature prior to the renewal call, to upsell (more), or to ask them to be a reference or participate in a marketing event.
- Customer Communities: The power of social media is undeniable, but without an implementation plan, the positive impact is left to unnecessary chance. Whether it’s webinars, emails, blog or forum posts, have a plan to actively engage your customers to create positive experiences.
- Transactional surveys: Understand key touchpoints and milestones along the customer’s journey. Transactional surveys provide immediate, empirical evidence of those points and ways in which you effectively interact with them.
Gainsight helps support monitoring and managing retention by providing insight and analysis into all of these indicators in a platform that’s easy to use and implement.
Learn more about Measuring Customer Retention Rate:
- Blog: 10 Resources to Improve Your Customer Retention Strategy
- Gainsight Glossary – What is Customer Retention Management?