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Tips for Lead Nurturing, Lead Generation, Customer Satisfaction, Customer Retention, Operational Efficiency

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Customer Success

How to Improve Your Customer Retention Rate

How Do I Calculate My Customer Retention Rate? Customer retention rate formula: CRR = ((E-N)/S) X 100 For example, if a company had 100 customers at the start of the period (E), added 10 customers over the period (N), and ended the period with 100 customers (E), they would have a customer retention rate of 90%, or ((100 - 10) / 90) * 100 = 90%.    S = The number of customers at the start of the time period you’re reviewing (you may want to take an annual approach; monthly or quarterly may not give you appreciable trends to review)  E = The number of customers at the end of the same period  N = The number of new customers acquired during the period Different industries may see wide-ranging levels of attrition. For example, SaaS providers typically see annual churn in the 6% range; other industries with higher-priced products (which means a higher level of investment for the customer) may see lower annual churn rates. It’s also important to ensure you pay attention to monthly versus annual churn rates. A 5% annual churn rate is not ideal but is very manageable; a 5% monthly churn rate can have a serious negative impact on your business success. You've worked and invested a lot of time and money in connecting with prospects and nurturing leads. You’ve brought them through the sales process successfully, signed the contracts, and implemented your product or service.

Everything You Need to Know about Business Process Outsourcing

Modern business owners go to great lengths to make their operations more efficient. Despite nearly...

Can You Really Outsource Customer Success?

Not sure what it means to outsource customer success?

How to Achieve Amazing Customer Satisfaction

Would you like to see your customers being excited about your company? Not only that but buying...

How to Ensure an Excellent Customer Experience when Outsourcing Customer Service

Remember the last time you went shopping at the supermarket. It was probably a fairly good...

Automation vs Manual - What's Better for Customer Service?

All business owners know that good customer service is the cornerstone to a successful business....

7 Tips to Increase Customer Retention

“Keep your friends close, and your customers closer.” 

Building a Customer Support Team: The 5 Key Roles Every Company Needs

Did you know that after a bad customer service experience, 39% of customers will avoid a company...

The 3 Elements of an Effective Customer Success Program

A good customer success professional is, in some ways, like a great server or wonderful restaurant...

Customer Support vs Customer Success: What's the Difference?

There's plenty of jargon used to describe relations and communication between business people and...
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