Customer Monitor can let you know how many customers you’ll likely have returning to your business in the future, making it easier to plan strategically and operationally.
Step by step
To begin, navigate to Retention via the sidebar navigation.
Note that this area can be named differently depending on your customisation options. If you can’t see it immediately, look out for the following icon instead:
You will be presented with a view similar to the image below.
This view includes the date range you are investigating, any applied segmentation, the retention filters and export options. The most prominent feature is the overall retention graph, which groups the responses to your unique retention question.
The groups range from those who are highly unlikely to use your services or buy your products again, to those who are highly likely to do the same.
In terms of planning your future strategy, the more people who are grouped in the highly likely and likely, the higher your chances of having a solid returning customer base — an extremely valuable asset for any business.
At this early stage, you already know the following:
- How many of your customers are likely to purchase from you again, and,
- How well your current products and/or services are matched with your customer needs.
This may prompt you to keep to your current strategy, or adjust accordingly.
However, there is more analysis that can be done.
To continue, begin by selecting the “highly likely” bar on the graph, or select it in the Retention Filters box.
This will result in a table dropping down below the graph, which will look like the below:
This table contains the details of each individual respondent within the category you have selected (in this case, those who responded “highly likely”), including:
- Date of response
- Name and contact details
- Their latest NPS score
- Their response to the reason why they gave the NPS score
These are the respondents that have expressed the most likelihood of returning to your business. As such, you may want to prioritise these customers for future products and/or services.
For example, if you sold insurance, these are the people that you may want to renew as early as possible. They are the “easy wins”, as they have already expressed their high likelihood of working with you again.
You may also want to read through the high-retention comments, as this may give you a good idea of what your strengths are — and how to play to them in the future.
You can follow the same process for those who are unlikely or highly unlikely to return to your business, though in the opposite direction: finding weaknesses and fixing them, rather than finding strengths and capitalising on them.
The Retention section of Customer Monitor can help with your overall future planning by giving you an idea of:
- How many returning customers you are likely to have,
- How well your products/services are performing, and,
- Your strengths and weaknesses as a company.
NB you can also use this information to develop different marketing strategies: one to retain loyal customers, and another to recapture those who are unlikely to return.
For more information on your riskiest customers (those with low NPS), navigate to MARCs check the comments there for insights. The equivalent for your most valuable customers (high NPS) is the MVPs section.
For actionable insights direct from your customers that may assist with retention, navigate to Key Improvements instead.
For more information on the Retention section of Customer Monitor, read the rest of the documentation here, or get in touch with your account manager.