You just spent 4 weeks helping sales to close a seven-figure deal with a net new customer. Without your product marketing efforts including sales presentations, competitor battle cards, case studies and ROI calculators, the deal would not have closed successfully. Time to celebrate, right? Yes, but your management team just announced a new KPI for your performance bonus: customer retention rate must exceed 90%. Where should you focus your time? Acquiring new customers or retaining existing clients?
Customer Retention is a Top Challenge
In a recent Gartner survey, 34% of product marketers at technology and service providers selected “retaining clients” (customer retention) as one of their most important challenges to overcome. Why? Due to a focus on driving new customer acquisition, product marketers usually spend more time developing content for prospects and sales teams instead of existing customers. However, with subscription-based products and services where customer renewal is not guaranteed, product marketers may neglect content designed to engage with customers during their owning cycle.
Embrace a Customer Success Mindset
To effectively retain clients, technology product marketers need to embrace a customer success mindset that helps clients to achieve business outcomes and derive more value from their investment. In addition, the path to retention begins with strong user adoption. And, product marketers can use a range of programs and tactics to deliver best practices content that can stimulate usage and rapid adoption.
In my research note “Improve Customer Retention by Embracing Product Adoption Strategies”, I provide recommendations and examples of content types that can help customers to learn and grow their product usage.
What programs or tactics have worked in your organization to drive customer adoption?