Maintaining client retention is a critical responsibility in your role, with a primary focus on ensuring the satisfaction and happiness of your assigned clients.
Losing one or even two clients within a 90-day period is cause for concern and requires immediate attention to address potential issues.
If three clients are lost within 90 days, it will trigger a formal performance notice. A fourth client lost in the same period may result in the immediate termination of our collaboration.
Vigilance and proactive client engagement are essential to uphold retention standards and ensure success.
Score Calculation
The Retention Rate is the inverse of the churn rate; the churn rate is the percentage of active client accounts ( = clients that passed the trial) that cancelled before they reached a 20 months lifetime.
Retention rate = 1 - (Cancelled accounts with lifetime of less than 20 months ➗ All Active Client Accounts)
The weight of this score is x4.
Why do we only count clients with a lifetime of less than 20 months?
Although we would like to, we can't expect clients to stay forever unfortunately. For this reason, a 5% client churn rate is acceptable, meaning that if a clients cancels after 20 months, then that is won't impact your score.
Trial Success Rate = 1 - (All Cancelled Trials ➗ All Trials That Started)
Client Retention & Trial Success Score = Average (Retention score, all time churn rate, 2x 90 day churn rate, all time trial success rate, 2x 90 day trial success rate)
This means that not losing any accounts (trials and active clients) within 90 days is 4 parts of this score and thus has much more importance than the overall trial success or retention rate.