What is Customer Turnover?
Customer turnover, or churn rate, is the percentage of an organization's customer base lost during a given period of time- usually a month or annual basis. A bad churn rate can be very damaging to revenue and profitability.
It’s nearly impossible to reduce Customer Turnover without understanding which customers are leaving and why. TTEC identifies and addresses at-risk customers to improve customer retention through a data-driven, personalized approach.
For example, we use predictive analytics to help brands identify customers at risk of churn and implement steps to stop those customers from leaving. We then engage the customer with the right personalized message at the right time to increase brand satisfaction.
Additional TTEC Resources
- Customer Acquisition as a Service: Our customer acquisition services help you acquire new customers and personalize experiences across all channels in order to drive revenue by increasing retention rates and lifetime value.
- Customer Churn Prevention - 3 Best Practices to Retain Customers: Customer retention is critical for brand success and your organization's bottom line. These strategies will help lower customer churn rate, as well as decrease costs, increase profitability, and improve customer loyalty and lifetime value.
- Customer Loyalty and Retention Strategies: Lower customer attrition rates, increase recurring revenue, and hit key business goals by investing in existing customer relationships.
- Customer Churn Cut in Half with Retention Strategy: Our client was encountering issues with high churn rates and were seeking our help. We built a customer churn prediction model that predicted when churn occurs, which helped our client proactively improve customer service to lower the total number of customers lost.
- Loyalty Program Strategy: 5 Best Practices to align with your Business Strategy: Implement these five best practices to optimize your loyalty program strategy to better match your overall business strategy and to increase customer retention.
- 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.
- 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.
- 10 Benefits of Outsourcing Sales: Leverage sales, data, and technology experts to improve customer experiences in order to increase customer loyalty and lower customer churn.
- Speech Analytics Software Solutions: Automate your ability to analyze all interactions to improve operational performance and better understand customer sentiment to reduce churn and increase customer lifetime value.