Hi, startuphome,
Does your business have a revenue goal?
Every business needs a goal.
But a revenue goals isn't necessarily the best goal for your business.
Retaining your customers is super important too.
Why? Because you often gloss over HOW you're meeting the revenue goal.
That's why so many "high-growth" companies also have high churn rates (fancy way to say that they lose customers).
Don't get me wrong.
Losing customers is nothing new for any business.
No matter what business you're running, you'll never retain absolutely 100% of your customers.
But did you know that 82% of companies say that it's cheaper to retain a customer than it is to find a new one?
And sure, revenue numbers are important for your business.
But is it more important than NOT KNOWING WHY YOU'RE LOSING CUSTOMERS?
We try to focus on a more fundamental metric.
At the end of each quarter, we ask ourselves, "How many HAPPY customers do we have?"
Happy. Not just paying, but how many people are happy to pay for PushEngage?
Of course, the obvious question is...
How do you even know if your customers are happy?
People lie on surveys and interviews all the time. So, that's always going to be only partly effective.
Valuable reviews with genuine feedback are difficult to get for most businesses.
So... what, then?
I like to think about what are my customers are doing rather than what they're saying.
A happy customer is always: - First to open our emails
- First to leave comments on a new post
- Quick to ask questions about our product
- Trying out new features as soon as we launch them
And, yes... They're also buying our software.
In other words: They're constantly engaged with us.
I'm not supposed to tell you about this, it's super secret...
But just last week, we got 10 new customers who upgraded from a free account to a paid account (true story).
And we're thrilled about that.
We just got 10 new people who saw enough value in our limited free version to actually invest in our paid plans.
That's a happy customer!
So, I have a question for you: How many HAPPY customers do you have?
If you find that the answer to that question is, "I could do better" then I have something for you.
Check out our 7 golden customer retention tips.
And then, leave a comment.
See you on the inside,
Nirvana Guha
Product Educator at PushEngage | |
