Business owners, it’s never too late to win a customer back. Embracing a proactive approach with data, journey analytics, and the human touch can help combat churn and retain life-long relationships. Let’s dive into the balancing act of fostering (and keeping!) meaningful customer experiences.
What is customer churn?
Customer churn refers to customers or subscribers who have ceased doing business with a company over a certain amount of time. Oftentimes it’s natural, a person turns elsewhere because deals are more attractive elsewhere, or has no further use for the products and services. But it doesn’t mean companies should take a passive approach to customer churn. Costly marketing and onboarding expenses can make acquiring new customers expensive, making it much more affordable and worthwhile in the long term to retain customers.
But companies are often left in the dark as to why a customer churned. CX analytics help brands identify customers at risk of churn and implement steps to stop them from leaving. For example, growth and sales analytics integrates data sets from a variety of sources, rapidly visualizing the information for key insights and predicting what will happen next. By uncovering big data insights about customer needs, behaviors, and preferences, agents can prescribe the best actions to achieve business goals.
What is customer retention?
If customer acquisition is the lifeblood of an organization then retention is the backbone. Establishing a strong relationship from the first interaction is key, but it is equally important to nurture that relationship over time. One negative interaction can send a customer straight to a competitor.
Customer retention, preserving a continued service with your organization, creates deeper engagement and more revenue with your brand through life-long relationships and word-of-mouth via brand loyalty. Your best customers are the ones that one that know your brand best. Likewise, show them you know them.
Customer experience journey mapping takes a deep dive across all touchpoints, giving insights into customer emotions, behaviors and key moments of truth. A better understanding of how customers interact with a brand helps streamline their experience by identifying common pain points that may have otherwise been invisible on the business side. Once businesses discover an unpleasant experience they can better visualize ways of improvement across various channels.
Show them that you know them
Price and convenience are necessary for success, but they they’re not enough for building long-lasting customer relationships. Today’s winning CX leaders understand that customers’ needs must be proactively met to avoid churn and retain customers. CX analytics and journey mapping help illustrate every positive and negative experience users have with a brand and where the right people (or technology) can be deployed to make their brand experience memorable, every time.
Customer Loyalty and Retention Strategies: Keep customers happy and hit key business goals by investing in existing customer relationships.
Personalization Drives Customer Acquisition and Retention for Insurers: Our always-on digital world is transforming consumer expectations and the way consumers interact with businesses.
Data Insight Reduces Churn and Decreases Costs: It is not enough to calculate churn rates. By utilizing data insights, this company identified key pain points leading to churned customers and was able to proactively improve the customer journey and customer retention rates.
Proactive Churn Reduction Saves – and Sells: Our client was looking for a way to prevent its most valuable customers from leaving and brought us on to help create a more well-rounded solution. We helped create a new customer-retention program.
Customer Churn Cut in Half with Retention Strategy: Our client was encountering issues with a sharp increase in customer churn rates and were seeking out our help. We were able to build a churn prediction model that helped drop customer churn greatly.
Safety Nets: The Best Defense Against Customer Churn: Customer churn plagues the telecommunications industry. By applying three “safety nets,” telecom providers can quickly decrease costs, increase profitability, and retain valuable customers.
Data insight reduces churn and decreases costs: B2B company identifies key customer pain points and proactively deflects call volumes.