Gaining new qualified leads and closing more deals are major goals for both marketing and sales teams. But the job doesn’t end once you get a new customer.
It’s equally important to maintain relationships with prospects and improve customer retention rates to have an overall successful business strategy. This is an area where account and customer success representatives can stand out with the use of intent data.
Intent Data for Customer Retention
The gathered collection of information about prospects’ online behavior, intent data, is broadly used by marketers and sales reps. It helps them efficiently convey prospecting, find qualified new leads, and close more deals.
But customer success reps can also leverage prospects’ behavioral signals in advance. They can use intent data to:
1) Nurture Accounts
Customer retention aligned with carefully planned marketing and sales strategies can create an overall flawless buyer experience. While marketing and sales are more focused on customer acquisition, customer success reps are responsible for customer retention, growth, and satisfaction.
56% of buyers stay loyal to brands and companies that understand their needs, problems, and pain points. Thus, for account reps, creating profound relationships with each prospect is essential.
Intent data for customer retention can help customer success reps cultivate leads with personalized messaging and emails. The dataset provides information on leads’ role in the company, the topics and products they are interested in, and much more.
Therefore, customer retention representatives can accurately classify leads and target them with appropriate nurture campaigns.
2) Maintaining & Personalizing Relationships with Prospects
Intent data gives customer success reps valuable data that together, along with firmographic, technographic, and demographic details, can be used to better personalize accounts. Consequently, customer success reps can develop more personal relationships with customers.
Unsurprisingly, 58% of companies utilize personalization strategies for customer retention.
According to the Pareto principle, 80% of your profit comes from 20% of your customers. Therefore, instead of focusing only on new customers, companies must also work to strengthen relationships with existing customers. Customer reps can do so by utilizing intent data.
3) Improve Customer Retention Rate
Statistics show that by increasing retention rates by 5%, companies see a rise in profit between 25% and 95%.
This illustrates the importance of having an efficient customer retention strategy. Buyer intent data can help customer success reps analyze prospects’ tendencies and observe their online behavior.
Customer success teams can set up customer satisfaction triggers for certain behavioral signals after the purchase is completed.
For example, when clients open a specific page, such as “cancel my subscription”, this would signal that the client is looking to browse alternative solutions and products, review competitors, or that they are struggling with the solution or product they’ve already purchased.
The insights from intent data can then help them offer appropriate and timely solutions to unsatisfied customers and create strategies to retain them.
4) Reduce Churn Rate
82% of companies agree that customer retention is cheaper than customer acquisition, which is why companies need to prioritize their existing customer base.
Buyer intent data helps companies to not only leverage data to convert prospects to clients but also retain them. By carefully monitoring specific intent signals, customer success reps can recognize clients that may need additional attention.
Intent data provides an opportunity to identify these issues and allows customer success teams to act accordingly.
In addition, intent data can also pinpoint when clients are interested in an additional solution or product a company offers. By leveraging this data, customer success reps can engineer a negative churn earned by up-sells and cross-sells.
On a Final Note
Gaining additional leads and prospects and closing more deals is the main goal for every marketer or sales rep. However, maintaining existing customers and improving relationships with clients is an even-greater challenge for customer success reps.
In a nutshell, intent data provides them the useful set of data to:
Lastly, the benefits of using intent data for retention helps customer success representatives build powerful customer retention strategies to both fuel your business growth and create satisfied long-term customer relationships.
- Keep Your Customers Coming Back: 13 Brand Loyalty Statistics You Need to Know – Fundera Ledger
- Retention Now A Bigger Personalization Priority Than Acquisition – Marketing Charts
- Prescription for Cutting Costs (bain.com)
- 11 Customer Acquisition vs Retention Statistics (2021) (markinblog.com)
- A Guide to Intent Data for Customer Retention | LeadSift
- What Is Buyer Intent Data? (and How Can I Operationalize It?) – Terminus Site