[Streaming LIVE] PayU Event: Customer Retention 2018
This is a re-post of an original blog post of PayUmoney blog.
“It is not an organization department or a function in the company. It is a mindset everyone has to have within a company to strive for the customer getting the value that you promise them. That’s how customer success really works!” — Sameer Goel, Co-founder, Austin Monks
With these powerful words, we concluded our first show up on Customer Retention 2018. Over time, while hosting UpStart & CodeUp events and interacting with the crowd, we realized that people want more in-depth sessions from our end. Soon, we went on to work on this realization and marked a few important points:
Businesses (startups or established) have a few essentials parameters to measure successful:
- Money
- Customers
- Sales
Customers seemed to be the heroes amongst these three essentials, as all businesses need customers to function at their optimal best and thus we derived from the event topic: Customer Retention. Businesses generally run behind acquiring new customers but falter to retain what they already have. Customer retention talks about this aspect of the customer relationship — ‘retention’.
Once all the event formalities were completed, we kickstarted the event by first introducing the knowledge enriched speakers.
(L-R: Kumar Setu, Abhishek Ayyagari, Isha Sapra, Sameer Goel & Saurabh Garg)
Speakers for Customer Retention 2018, Bangalore:
- Isha Sapra, Head Customer Relationship Management, Tanishq
- Saurabh Garg, Co-Founder & CBO, NoBroker.in
- Abhishek Ayyagari, Vice President, Product, PayU
- Kumar Setu, Co-Founder, Petoo.in
- Sameer Goel, Co-Founder, Austin Monks
In this write-up, we bring you crisp insights into Customer Retention 2018.
Session 1: CX, The X Factor Of Business Strategy by Isha Sapra
“You can train people for skills, but not for right attitude ” — Isha Sapra, Head Customer Relationship Management, Tanishq
Isha Sapra, Head Customer Relationship Management, Tanishq
Having vast experience in the media, content and customer engagement space, Isha highlighted some key points that every business should use on daily basis to improve customer relationship and thus sales. Isha mentioned that customers come to you because of the treatment they experience. If you go to a doctor and don’t like his behavior, next time you will not go to him. Similarly, if you don’t behave in good, hostile way with your customers your returning customer ratio will drop down. She also emphasized the fact: Happy Employees = Happy Customers. As a business, your co-workers or employees are satisfied, they will your end user or customers will be satisfied with your service.
“Value customers and their feedbacks, they are opinion leaders in their own families, workplaces and other spaces” — Isha Sapra, Head Customer Relationship Management, Tanishq
Want more insights about the top CX mantra? Watch Isha Sapra’s Customer Retention 2018 video:
https://www.youtube.com/watch?v=4AO893u0QfM
Session #2: Customer Lifecycle by Saurabh Garg
“Customer is like a girlfriend or boyfriend. If they don’t feel the vibe, they will just go away and you won’t realize why!” — Saurabh Garg, Co-Founder & CBO, NoBroker.in
Saurabh Garg, Co-Founder & CBO, NoBroker.in
An IIT-B & IIM-A alumni, a serial entrepreneur and a super witty co-founder of NoBroker.com, Saurabh Garg spoke about high trust building activities and low-cost strategies help businesses to retain their customers. He also stated that, as people go down the funnel, they become more reliable. Saurabh spoke about how it is important to communicate your product offering to your customers because if they don’t hear about what you are doing, irrespective of the brilliant marketing and promotional efforts you put in, it won’t work!
“A study says, if you are able to increase customer retention by just 5%, you can actually increase the sales by 75%.” Saurabh Garg, Co-Founder & CBO, NoBroker.in
Get to know more about customer lifecycle in Saurabh Garg’s Customer Retention 2018 video:
https://www.youtube.com/watch?v=TV_Gegg-yAk
Session #3: Customer Retention — Next Time, Everytime by Abhishek Ayyagari
“Analyze where are your customers coming from? Facebook, Twitter, LinkedIn or where?” — Abhishek Ayyagari, Vice President, Product, PayU
With a 15-year long experience in the customer space, Abhishek boiled down the entire customer relationship thesis into 2 very important points:
- Acquiring new customers to your business
- Retaining these customers
Abhishek Ayyagari, Vice President, Product, PayU
He mentioned customer retention is what every business is striving to attain. Having the right kind of product offering to the right kind of audience is a must. He says that if the product is not right then all the marketing efforts go down the drain and you are left with no business at all. Here, retention becomes the lead. He stressed the best point of his talk: competition is quite severe. How to cater to customers who are every demanding the best of service (online or offline). Abhishek explained how to keep in touch with customers and engage with them in a way is a challenge!
“Impact of customer retention: it first leads to brand loyalty and then customer loyalty” Abhishek Ayyagari, Vice President, Product, PayU
Know more about Abhishek’s perspective on customer retention in Customer Retention 2018 video:
https://www.youtube.com/watch?v=UPLsFGDF5PE
Session #4: Triggers & Behaviors — The Levers Of Customer Retention by Kumar Setu
“There is no loyalty as such. Loyalty is a myth. Relationship with customers is very transactional. Build habits not loyalty!” — Kumar Setu, Co-Founder, Petoo.in
Guiding through an abundance of experience in consumer analytics digital marketing and business growth, Kumar Setu points to certain very well observed and witnessed outputs of customer retention. He mentioned that it is necessary to bring in local flavor to your product and how it can be achieved on a larger scale. Kumar states that it is important to know what you want to optimize and track. He also spoke about to bring your customers coming back to you by figuring out what are possible triggers for your customers. Moving on he emphasizes on creating habits and that it needs to rewarded immediately.
Action(trigger) >>>> Your Brand >>>> Reward
“True loyal customers are 1%-2% of the local customer base.” — Kumar Setu, Co-Founder, Petoo.in
Understand more about forming and using these triggers used for customer retention in Kumar Setu’s Customer Retention 2018 video:
https://www.youtube.com/watch?v=HEqgHUVCq2Y
Session #5: Customer Support…or Customer Success by Sameer Goel
“Value proposition and customer success are tied up to each other. For any retention, if the person is not deriving the value that they are suppose to derive, then they are not going to stay with you. They are going to go somewhere else to see if they can find that kind of value” — Sameer Goel, Co-founder, Austin Monks
The concluding speaker of Customer Retention 2018 spoke about why it is necessary to be clear about what is it that you are bringing to your customer. He drew a clean difference between customer support and customer success which seemed to be a fine line but yet vital. Also, he spoke about how any business can increase value for customers. He listed down the hows of customer retention in the most concise and precise way possible. To view all these details check out Sameer Goel’s Customer Retention 2018 video.
https://www.youtube.com/watch?v=FQhoY7M-nBc
To receive the latest updates about our events follow us on Facebook and Twitter.
With all your marketing efforts for your business in place, it’s a good idea to have an all-in-one payment solution in place as well. Now to enjoy the best payment gateway experience and grow your business effortlessly!
