In our last article we talked about what high renewal rates mean for your business, but how do you set your business up to achieve those renewal rates? As we said, it comes down to customer success with your product and stickiness in the face of market changes and competitive pressures.
Let’s talk about stickiness (a term everyone seems to talk about) – just what does it really mean? A quick definition is the nature of your customers to continue to use your products or services, to “stick” with you.
The traditional (and now outdated) approach to keeping your customers sticky was to sign them up to long-term contracts or be a black box in one of their main business processes. Such an attitude could not be further from the spirit of adding value and customer success.
As we look at the stickiness of businesses today, we focus on a few key areas that drive value and make a customer successful – which leads to them to renew, upgrade, and never leave.
