A modern introduction to retaining customers: Strategies of Intercom, Productboard and FullStory

It can be quite difficult to find and resolve the pain points that are driving your customers away. In our last webinar, we shared a three-pronged approach to help you drive retention and reduce churn.

It's probably fair to say that we're all a little obsessed with growth. We create our business strategies around growth and view growth as the key indicator of the health and viability of our businesses. But while acquiring new customers is obviously an essential part of having a business, it is hardly sustainable if they only stay for a few months.

"Are you attracting and engaging the right customers? Are you providing the right support and delivering ongoing value? And where do you start?"

A 1% increase in customer acquisition affects your bottom line by just over 3%, while a 1% decrease in churn can increase it by 7%, which means that ultimately, retention can be more than twice as powerful as the customer's purchase. Are you attracting and engaging the right customers? Are you providing the right support and delivering ongoing value? And where to start?

We recently hosted a webinar where Japna Sethi, Group Product Manager at Productboard, and Chip Lay, Director of Product Strategy at Fullstory, joined me to discuss strategies for identifying your customers' pain points, uncovering valuable insights from customer feedback and data and creating proactive support actions that drive value throughout the customer cycle.

Loyalty is not limited to integration

Spoiler alert: these are not onboarding campaigns. Don't get me wrong: they're very important when it comes to building customer loyalty, and we've covered them extensively in blog posts, podcast episodes, and even in our recently updated guide, The Onboarding Starter Kit. .

But they are not everything. To consistently increase retention and reduce churn, you need a system that continuously generates value for your customers throughout their lifecycle. And that's why today we're sharing a proven three-step approach to help you get there. Read on for the highlights and, if you want to dive into the details, watch the full recording here.

1. Understand where – and why – your customers are stuck Using a mix of qualitative and quantitative methods, such as session replays and A/B testing, provides better context of what is happening and can uncover new areas of research. Not all friction is created equal. Quantify the impact of each friction point and prioritize those that have the most impact on your business. 2. Organize customer returns After identifying the what and why, the next step is to collect and centralize all customer feedback – direct and indirect – so you can turn it into actionable insights. Segmenting reviews by business attributes or characteristics allows you to identify patterns and make prioritization decisions dynamically. Use this information to bring clarity and transparency to decisions made by stakeholders. 3. Proactively engage and support your customers While product announcements are important, they should be just one of many tactics. Use the Swiss cheese method to "stack" proactive assist metrics in different formats and channels, such as product visits and tooltips, to ensure the message gets through and customers take advantage of your bets up to date. Proactive support tactics can highlight the value of product changes when the customer needs them most and drive adoption long after the product's initial announcement.

For a more in-depth look at these strategies to improve retention and reduce churn, register to watch the full webinar here