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Cross-Selling Drives Retention

This week:

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23 Ways to Reduce Churn: #23 CROSS-SELL CUSTOMERS


๐Ÿ“ˆ The data shows that customers who purchase new products beyond their initial solution stay much longer (see below).


WHY?


๐Ÿ‘‰ Cross-selling is a key driver of long-term retention because it leads to customers achieving new results. ๐Ÿ‘ˆ


And remember the first rule of customer retention is: CUSTOMERS STAY TO GET RESULTS.


This is different from the impact of up-selling, which also increases customer retention, because โ†’


๐Ÿ“ถ Up-selling drives MORE results for customers, whereas


๐Ÿ†• Cross-selling enables customers to achieve NEW kinds of results.


THE LESSON IS CLEAR:


โ“ต Do not build your SaaS business around an "ALL-INCLUSIVE" model. The best approach is to offer solutions that contain everything necessary to drive significant measurable results.


โ“ถ Offer other functionality that drives different results as separate cross-sell options for later.


โ“ท Ensure your customer retention process involves leading customers from the measured results they are achieving to the new kinds of results they could achieve with your other products.


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Download the Free eBook: 23 Ways to Reduce Churn in 2023

Proven Methods for Rapidly Increasing Customer Retention Backed by Real-World Data

By: Greg Daines, CEO ChurnRX




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Churn Cheats #9: Blaming Others for Churn


This may be the most pernicious churn cheat of them all.


You've seen it, and - be honest - maybe you've even done it yourself! I can certainly admit that I've been guilty of this. The temptation to blame is almost irresistible.


The reason it's so tempting is because ๐Ÿ‘‰ IT'S TRUE!


๐Ÿง‘๐Ÿปโ€๐Ÿ’ผ BLAMING SALES:

Everyone knows that marketing and sales cause churn. Bad-fit customers are one of the biggest overall contributors to churn, and customers with wrong expectations are not far behind.


๐Ÿค– BLAMING THE PRODUCT:

It's obvious that the product itself causes churn. No product is perfect, and you don't have to look far to see customers inevitably stubbing their toes on the product's sharp edges or falling through its sometimes gaping holes.


๐Ÿคท๐Ÿป BLAMING THE CUSTOMER:

You're living in denial if you can't admit that many customers' failure is their own fault. Many customers simply do not put in the effort to get good results or refuse to follow our expert advice and guidance.


โ“SO IF THEY'RE ALL TO BLAME, THEN WHAT'S WRONG WITH IT?


The problem with blame is that these factors are ALWAYS true. They are the condition in which we do our work. They are the reason customer success exists!


You can't name a company where these are not happening. I'll wait...


THE LESSON IS CLEAR:


โœ… NEVER BLAME ANYONE ELSE FOR CHURN. Blame makes you weak. Taking responsibility increases your power exponentially.


โœ… Build your customer success practice on the expectation that these factors will always be at play.


โœ… Focus continually on finding leverage anywhere you can to improve your customers' chances for success.


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QUOTE OF THE WEEK:


The only valid reasons to buy your product are those which are also compelling reasons to stay.

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