RESEARCH REPORT

In brief

In brief

  • Recognizing the power of providing a frictionless experience, companies are investing in lifecycle initiatives to meet their evolving customer needs.
  • Accenture surveyed customers in multiple industries to investigate what customers value and the role CSMs play in driving adoption and retention.
  • We evaluated what factors are most important to customers after purchase.
  • And while engagement matters throughout the customer lifecycle, what is most important is how your customers feel about the experience.


Why do customers keep coming back?

Across every purchase category, customers are now empowered and companies must adapt. Digital natives push expectations to new heights, while others play catch-up, struggling to provide relevant personalized experiences.

Accenture surveyed 500 respondents across multiple industries and company sizes online in the U.S. to understand customers’ retention drivers, customer success activities that influence retention, and the value of the customer success manager (CSM). Our key findings uncover the factors influencing retention and demonstrate just how valuable the CSM is in motivating renewals.

Customers who feel valued are 1.5 times more likely to renew.

Making customers feel valued

According to our research, exceeding expectations and making customers feel valued are major contributors to customer retention.

20%

When expectations are exceeded, the percent of customers feeling valued is about 20 points higher than when expectations are simply met.

160%

Customers who feel extremely valued during their renewal process are 160% more likely to stay with their provider.

25%

Only 25% of respondents are likely to stay with a company when they do not feel valued.

The factors impacting customer renewals

Key findings from our research point to four areas as having the greatest impact on customers’ likeliness to renew.

Shifting customer expectations

Customer expectations vary across the lifecycle. Companies must adjust to meet shifting expectations during the buying cycle and post-sale.

Customer sentiment

Positive sentiment is a significant contributor to a renewal but what matters most is how customers feel about your experience.

Product adoption

Product adoption is one of the largest renewal factors. Both the number of users on the product and their usage can benefit the likelihood to renew.

CSM connections

Customers that engage with CSMs feel more valued. Organizations should double down on enabling CSMs to delight throughout the post-purchase lifecycle.

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Deepening customer stickiness

As companies consider where to invest in the customer experience, it is essential to consider the following guidelines:

Deepen interactions with customers by making them feel valued.

Provide exceptional experiences balancing the continuum of expectations across touchpoints.

Take actions to expand the user base and ensure frequent product utilization.

Enable CSMs to deepen connections with customers beyond engagement.

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Lauren Steinitz

Senior Manager – Customer Insights & Growth


Monica Bendernagel

Manager – Customer Insights & Growth

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