Net Retention Rate
Your are to create a mockup of a Healthcare organization’s Voice of Customer roadmap. Turning patient’s feedback into insight.
Your customers, in this stage, may or may not have a pain point but are exploring your company because they’ve seen an ad or a catchy Tweet, or heard a friend mention your product or service.
Here the customer realizes their need for a product or service to address their problems and begins to actively search for a suitable solution. If your brand was on their awareness radar, then potential customers are more likely to consider your product as a suitable fit.
In this stage, the customer has thoroughly evaluated all options, looked up reviews, checked your pricing plans and policies, and is ready to purchase your product to meet their business needs.
A critical stage in the customer journey where the customer reevaluates their decision to either buy a new product from you again or renew their existing contract/subscription. The percentage of customers choosing to continue their services with you is commonly referred to as the net retention rate which is a common north-star metric for companies, given the costs associated with acquiring new customers.
This is the stage where your customers are satisfied with your product capabilities, recognize the value added by your products or services, and start referring you to their colleagues and friends, completing the loyalty loop.