<aside> 💡 Notion Tip: Document your company's approach to sales to keep new hires and veteran employees on the same page. Content recommendations below.

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Company Overview

The Retention Stage is critical for maximizing Customer Lifetime Value (CLTV) and building long-term relationships with customers. It focuses on maintaining and enhancing customer satisfaction, proactively addressing issues, and ensuring that customers continue to perceive value from our products and services.

By implementing strategic retention initiatives, we aim to reduce churn, increase Net Promoter Score (NPS), and create opportunities for upselling and cross-selling. This Playbook outlines the comprehensive approach to achieve these goals through systematic processes, tools, and best practices.

Objectives and Goals

Primary Objectives:

• Reduce Churn Rate: Lower the overall churn rate from 7% to less than 1.5% by the end of Q4 2021.
• Increase Customer Satisfaction: Improve NPS by 35% through enhanced customer interactions and risk management.
• Enhance Customer Health Scores: Improve health scores for 80% of customers by implementing early warning systems.
• Segmented Retention Targets:
  • High Touch (HT): Achieve a churn rate of 1-1.2%.
  • Middle Touch (MT): Achieve a churn rate of 3-5%.
  • Low Touch (LT): Keep churn rate below 8%.

Secondary Objectives:

• Increase Proactive Engagement Activities: Boost proactive customer engagements by 30%.
• Identify Expansion Opportunities: Leverage retention efforts to uncover upselling and cross-selling opportunities.

Key Strategies

1. Customer Journey Mapping: Analyze and optimize key touchpoints in the customer journey to enhance satisfaction and loyalty.
2. Proactive Engagement: Implement regular check-ins and personalized interactions to address issues before they escalate.
3. Customer Health Monitoring: Utilize data-driven health scores to identify at-risk customers and intervene promptly.