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Customer retention is the ability for a company to keep its existing customers. It is the measure of a company’s ability to provide enough value with its products or services for customers to keep them coming back for more.
The true health of any business is closely related to how well it acquires and retains customers. The metrics for these two functions will tell you much more about the long-term outlook of the company than a yearly financial filing. This truth has extra significance for digital businesses, especially those with recurring revenue business models.
One of the simplest ways to determine why customers are leaving is to work with your customer service department to identify the top five support issues. The most common issues should be addressed with specific retention offers used by customer service representatives and also incorporated into the website and self-support.
In addition to continuously improving support issues, it is necessary to communicate to your customers about the changes and enhancements that have been made to your products and services and highlight the value you provide.
Another thing to consider is the security of Personably Identifiable Information (PII). For digital businesses with recurring billing models, data security is even more important as storage of the customer’s payment information is required along with their name and address. Once customers know that a digital business is taking all possible precautions and has implemented strict security standards, they are more likely to feel comfortable, both initially and on subsequent visits. With this is mind, the PCI DSS should be considered a baseline to build upon for true data security.
Vindicia’s marketing and selling automation solution helps digital businesses improve their customer retention by allowing the necessary flexibility to communicate with customers, intelligently process subscription payments with advanced billing logic, arm customer service with the tools to satisfy customer and enable support for powerful customer self-service websites.
Our clients typically experience a 15% lift in customer retention after deploying our SaaS-based subscription billing solutions. CashBox gives you the ability to dramatically reduce subscription cancellations and increase customer retention with carefully crafted messages that are triggered by specific subscription billing events or customer actions.
Combined with pre and post-transaction fraud management to reduce true fraud transactions and recover revenue from friendly fraud chargebacks, Vindicia CashBox offers a complete customer retention solution. To provide peace of mind to our digital businesses and their customers, our solutions are certified to the highest levels of PCI DSS and SSAE 16 compliance.