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 right 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. 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 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 number of customers lost.
- 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 a higher percentage of customers.
- 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: B2B company identifies key customer pain points and proactively deflects total number of calls to help improve customer experience and lower turnover rate.
- 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.