Recession-Proof Growth, Part 3: Retaining and Growing Customers
New customer acquisition is always more expensive than keeping and growing existing customers, but the difference becomes even more lopsided in a recession. Net retention is the new top dog in revenue KPIs—you gotta keep and grow your current accounts to have any hope of growing revenue overall.
Here are three ways to get in front of churn and expand contracts, downturn or no.
- Customer onboarding has never been more important.
You simply can’t afford to give your new customers a less-than-stellar experience on the other side of a sale. Invest in your customer onboarding program now to make sure every deal sticks or you could be looking at a steep cliff come renewal time—when the market might be in much worse shape. An AI Assistant can autonomously keep new users on track with the onboarding process and monitor their product adoption so your customers get the most value from your offering.
- Don’t wait until renewal time to check in with your customers.
Unexpected churn can really cut your growth efforts off at the knees. And when everyone is trying to rightsize their budgets, your product is really under a microscope. More than ever, you need to proactively connect with all your customers to keep tabs on usage, identify issues before they become problems, and maintain those all-important personal relationships. Conversica AI Assistants cover your entire customer base, delivering outstanding experiences and freeing your CSMs to focus on higher-level, strategic work. More conversations = greater retention and expansion, and a better overall customer experience.
- Let your customers work for you.
Customer advocates are some of your most effective salespeople, but developing those contacts and jumping on opportunities to gather testimonials and reviews can be time-consuming. By automating the process of reaching out to contacts with high NPS scores and developing them into effective advocates, you can essentially create a free marketing channel that speaks to leads and other existing customers alike. Digital assistants can handle the job of collecting feedback, picking out the top promoters, and requesting referrals and online reviews from your best accounts.
And with that, we’ve reached the end of our Recession-Proof Growth Playbook Series. These 9 tips will help your revenue team set themselves up for success in a downturn.
Now is your window of opportunity to set up your AI-powered growth workforce—before a downturn hits your business.
Want a deep-dive on net retention strategies? Register for our July 28 webinar, Recession-Proof: Using AI to Retain and Grow Customers in a Downturn >>