Customer retention software is taking center stage. Why?
Business can no longer sell a customer a product or service and move on. Whether it’s subscription, utility, freemium or other ongoing pricing, companies are earning more and more of the “lifetime value” of the customer overtime.
As Marc Andreessen famously put it, every industry from healthcare to financial services to retail is being transformed into being mostly about software. And since the most efficient way to deliver technology now is via the Internet, every business is evolving into a SaaS business.
As customers interact with your business online, they leave a digital breadcrumb trail of information leading to insights on the value they ascribe to your business. Feature usage data, survey responses and even social media commentary can help you identify happy customers from the otherwise disengaged.
Despite advances in big data technology for acquiring new business, the “state of the art” in terms of customer retention for many companies is still elbow grease, hope and Microsoft Excel. We think there’s a pressing need to make customer retention software as data-driven and automated as customer acquisition.
That’s why we created Gainsight.