Customer Retention Programs: Why Invest In LMS Technology For Business Growth
As the old saying goes: A bird in the hand is worth two in the bush. Focusing on your existing customers allows you to generate more revenue and achieve long term success. But you also attract qualified buyers who are looking for ongoing support and training from vendors. Customer retention programs even fuel company growth through subscription renewals and word of mouth advertising…and that’s just the tip of the business boosting benefits when you use LMS technology.
What Are The Best Programs For Customer Training?
Customer retention programs and LMS technology keep loyal customers engaged and provide them the tools to maximize the perks of ownership. The best programs for consumer education are easily accessible and results-driven. Customers have the opportunity to get the knowledge they need when they need it most. For example, there’s a bite-size support library with tutorials, video demos, and checklists to help them setup software. Or step-by-step guides that walk them through the entire process, from contracting your services to post-purchase support.
One of the most common misconceptions regarding customer training is that it’s just for loyal consumers. However, a successful customer retention program that utilizes LMS technology has the power to turn prospects into brand advocates. For instance, they sign up for a free trial and are wowed by your intuitive features and functionality. In the case of service-based businesses, launching a consumer education strategy raises their awareness so that they can make a well-informed buying decision. Maybe they didn’t even realize that they needed your offerings until they accessed your customer training library.
Returning potential customers are another factor to consider. These are qualified leads who come to you for insider tips and guidance. Thus, they’re more likely to convert into customers because they already trust your brand and have received all the insights they need.
Why Educating Customers With Customer Retention Programs Is A Part Of Pioneering Costs
Brands in all sectors must earn their market share through consistent customer engagement and retention programs. The brand loyalty that a company can generate from LMS technology helps pioneer costs and outperform competitors with minimal investment.
For one, focusing on your current customers slashes marketing costs. Existing customers have higher conversion rates since you have already built trust and inspired confidence.
Thus, your primary goal is to leverage the right customer training learning management system to drive customer satisfaction and deliver top notch CX. In other words, maintain the momentum.
So, let your competitors chase cold leads. Getting a new customer costs 16 times more than retaining an existing one. Save time and money by leveraging the power of brand advocates—nurtured in your customer retention programs—to land and keep new customers.
Customer training through customer retention programs also empowers you to improve your product or service and customer satisfaction by merely listening to their feedback. This is the place to ask questions, answer questions, and introduce features or new offerings that align with your customers’ goals.
And, because you’ve already built a rapport, it’s easier to convince them to try more of your products and services. Especially when customer activity triggers marketing notifications. In fact, most of your future revenue will be driven by a small percentage of your current customers thanks to customer retention programs.
Therefore, educating customers is a crucial part of pioneering costs. Simply put, it’s a fail-proof way to improve customer onboarding, reduce customer support costs, and raise customer experience for cross-selling and upselling opportunities.
Mitigating Risks And Maximizing ROI With A Powerful Customer Retention Campaign
Successful customer retention programs for are built on the principles of training accessibility, interactivity, and personalization. With an LMS, it’s less time consuming and costly to create training materials that drive real-time value for clients. Marketers and trainers can launch courses, measure business success, simplify IT training, and share knowledge to increase adoption rates.
1. Provide Excellent Support
Go the extra mile for your customers with real-time support to enrich the customer experience. Customer activity can even trigger certain marketing or customer initiatives by highlighting pain points. Then you can use live chat and social media support to deliver engaging learning content as a personalized journey.
2. Track And Listen
Let customers know that their input is appreciated by adopting LMS technology that enables them to directly interact with your brand. You can even track feedback using your LMS solution’s robust reporting capabilities, surveys, and the NPS score to mine insights for continual improvement.
3. Educate Your Customers
Even before they ask for help, teach your customers how to fix glitches, improve speed, and implement your solution without running into problems. Help them learn how to optimize performance and use your customer education program to derive consistent value from your product or service.
4. Run Churn Risk Assessments
How many times did customer X and Y log on in the last week? How many features in your product are they actually using? Are they raising multiple complaint tickets because your software is too difficult to master? Proactively reach out to these consumers or clients to reduce churn risk as part of your customer retention program.
5. Create A Communication Loop
One of the best practices when using technology to retain customers for long-term growth is constant communication. Thankfully, LMS technology comes with inbuilt feedback features that can help you communicate practical knowledge without the fear of spamming their email inboxes.
6. Improve Continuously
Feedback loops lead to continuous product improvement and consistently enhanced customer experience, and this is how training programs impact customer experience. Among other things, don’t forget that training is a chance for research and development teams to learn how to tweak, test, and launch new features and offerings. Or maybe even launch add-on services to increase per-ticket sales.
7. Address ALL Customer Touchpoints
Create backup customer support. You have sales and marketing teams, CX and CSM teams, and other executives focused on the customer experience. You can add an LMS customer training program to the mix to build multi-touch rapport with your cherished customers.
How To Create A Customer Retention Plan To Optimize Customer Support
When building customer retention programs, find out what appeals to each of the personas or target groups. Powerful insights lead to actionable information that the marketing team can use to power retention campaigns. For example, some customers may be driven by price discounts, while others focus on exceptional service. Invest time and resources into customer research to help you create optimal customer support and retention.
Make Yourself Indispensable
Position your company or product a cut above the competition. In other words, your brand or offering shouldn’t be viewed as a “nice to have.” It should be a “need to have”.
If you know your customers’ habits and behaviors, you can preempt their needs and support them or even submit help tickets proactively. For instance, LMS technology-rich insights can be fed into a CRM system via a series of APIs. Another option is to build a database of customer expectations and leverage this to empower your customers to do better with your products and services.
Determine how personalized learning content optimizes the customer journey. When clients share their email addresses with you, that’s a subtle sign of trust. In that instance, start onboarding them and deliver more knowledge and content to build stronger relationships. For best results, personalize all your messages and learning content so that they feel like VIPs.
Loyal customers deserve some rewards, such as subscription discounts for every new customer referral or access to exclusive content. In fact, you can do this through a gamification rewards program that’s tied to your customer education LMS and customer retention program.
LMS Metrics You Should Focus On To Bring Long-Term Growth
You need to know hither customers successfully finished their online training certifications, as well as how they interact with the content. You can also use instructor approval ratings to determine how trainers are engaging with customers if you host live events or VILT sessions.
Customer Satisfaction And Approval
The best online training programs feature polls and surveys to determine how learners feel about the course. Approval ratings shed light on the effectiveness of your training strategy. Another metric to consider is overall competency. For example, do they have the necessary knowledge and skills to get the most from their investment?
If customers are clicking away from your course in droves, you may need to improve engagement or overall program value. Go back to researching their pain points. Marketers and CX professionals can build a customized and intuitive customer education portal using LMS technology.
All digital learning content is organized in one central location. Companies can track progress, reduce customer support costs, and improve the customer experience for growth and profitability. Adobe Captivate Prime LMS delivers robust reporting to help you optimize your customer retention programs and improve customer training ROI.
Download the eBook The Ripple Effects Of Customer Training On Loyalty And Customer Satisfaction today to learn more tried and tested ways to retain your customers and attract new ones. You can also join the webinar to discover how to unlock the “holy grails” of customer education and boost adoption rates.