6 Practical Ways That Will Help You Retain Your Customers

1. 6 Practical Ways That Will Help You Retain Your Customers Customer churn refers to the percentage of customers who stopped using your product or service over a period. Customer churn is a crucial factor of Industrial B2B marketing because retaining an existing customer costs much less than acquiring a new customer. Customer churn can happen for multiple reasons. For example, your existing customer might not need your product or service anymore. Or they have found another vendor for the same product offering better attributes like better price and cheaper maintenance costs etc. Another reason could be your failure to sustain the post-purchase relationship with your customers. Ideally, no business would ever want any percentage of customer churn to happen. It is hardly possible to attain 0% customer churn for any organization. However, you can still try to keep your customer churn to the minimum. Reasons For Customer Churn As we briefly mentioned earlier, customer churn can happen for multiple reasons. Let’s discuss the reasons for customer churn in detail: 1. Your cost is higher than the perceived value: The cost of your solution is a prominent factor in customer churn. Cost is the perceived value of the efficiency and quality of your solution. When your products and solutions cannot justify their cost for their efficiency, ease of use, quality, etc., customer churn happens. Another common reason for customer churn is when your customers find a vendor selling the same solution at a lesser price. 2. Your products and solutions lack quality: When your customers purchase, they have certain expectations from your products or solutions. For example, they expect your product or solutions to deliver a specific value for the money they are spending.

2. Quality depends on how smoothly your product/solution works, how much maintenance it requires, how often a part needs to be changed, etc. However, if your products or solutions are not as good as the other options available in the market, your customer might perceive them to be of inferior quality. Therefore, when a customer experiences dissatisfaction in quality, they ultimately churn. READ MORE Dijitale Industrial Marketing Agency Flat A2/301, Welworth Celina Behind Ranka Jewellers, Baner Road, Baner, Pune 411045 vinita@dijitale.com 9923731274 https://dijitale.com/