In your opinion, what is one thing your organization is doing today that actively has a positive impact on customer retention? What could you be doing better?

We have a dedicated client advisor for each of our clients, that engages on a weekly update call or meeting to verify service standards are satisfactory, this has built trust and loyalty.

We market a SaaS marketing solution for small businesses. We implementing AI in the Saas in steps, with the most recent update we were able to cut our price 50% to $275 per month, our closest competitor is $500 per month. 

We are B to B.  We've always conducted an annual NPS survey and have received good information from it.  We've also enacted strategies to better engage the passives and detractors.  But the issue with this is that it is annual and therefore, not current enough.  We are now developing and implementing a more immediate feedback system as part of our engagement strategy.  This will enable us to be more responsive as we are interacting with and serving our customer base.  This is not new in many consumer companies like Delta and Uber.  But it is more novel in our industry.  

Customer-centric product development is indeed a differentiator. Involving customers in product roadmap exercises ensures that their needs are met, leading to a product they truly value and are more likely to stick with, thereby strengthening customer retention.

Providing an ecosystem for customer growth through peer connections, advocacy groups, and highlighting their contributions within their businesses constitutes a strong strategy. This fosters a sense of belonging, value, and appreciation among customers, leading to increased satisfaction and loyalty.

We certainly aim to keep improving upon our ability to quantify the overall impact. While the initiatives mentioned are positive, it's crucial to measure their direct impact on customer retention. Tracking core metrics such as customer satisfaction scores, churn rates, and engagement levels helps assess the effectiveness of these efforts.

We often discuss this topic in our organization. One area where we've made significant strides, especially during the COVID-19 pandemic, is proactive and consistent communication. Our clients value this approach, and we're always looking for ways to improve it.

The goal is to communicate with our clients on their terms and timelines, providing information in a way that they can easily digest. For example, coming from a banking background, I've seen how transparency about decision-making processes, due dates, billing methods, and other aspects can enhance customer satisfaction.

The banking industry used to be a bit of a closed box, but as it started to open up and explain how certain things happened, customers appreciated it. We're striving to bring that same level of openness to our industry.