Customer retention is a continuous process, and it takes an enormous effort.
An exceptional onboarding flow for your new users would help them understand the product easily. Additionally, user onboarding facilitates product usage. The more the user engages with the product, the higher the retention%
The customer-facing teams should be proactive in engaging with customer requests. Quick responses & faster troubleshooting build a happy customer base. Frustrated customers eventually unsubscribe to the product.
Timely feature updates/bug fixes
When the product fails to deliver, the retention rate decreases. Users sign up to your product and turn into paid customers since they’ve experienced the value you bring to their business. Bugs annoy customers, and so do prolonged feature updates.
Perks & incentives
Apart from a reliable product, providing incentives, special offers, and perks nudge the customers to use your product actively. The customers feel a sense of belonging to your user community, & the LTV gradually increases.
Cutoff unnecessary churn
Delinquent churn is the number of customers you lose due to their credit card failures. It happens when the customer’s credit card has expired, or there are insufficient funds to complete the transaction.