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customer churn arises when customers stop buying or using your product or service. The growth rate of a company, measured by the number of new customers, should be higher than its churn rate. Therefore, decreasing churn rate is a vital task for any business
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Introduction • Basically, customer churn arises when customers stop buying or using your product or service. • It is an important metric since it is quite inexpensive to retain existing customers than it is to get new customers. • The growth rate of a company, measured by the number of new customers, should be higher than its churn rate. • Thus, decreasing churn rate is a vital task for any business. • A negative churn rate here denotes to an increase in your customer base surpasses the revenue you are losing because of churn.
Tips to Win Back Churned Clients • Listen to Your Customers • Hire the Right People • Use the Feedbacks Received • Offer Various Options • Know the Reason Customer Left • Keep Updated Customer Database • Use Virtual Networking • Avoid Delayed Responses • Offer Multi-Channel Customer Support
1. Listen to Your Customers • Let your customers talk, the fact that someone is making an effort to listen to them makes a huge difference. • On one hand where it is important to solve customer complaints, it is also important to follow-up with them and confirm that the problem has been solved. • Being accountable is indeed essential. • Occasionally you might have to make an apology and let them know that you are taking personal interest to resolve their issues. • Always remember when the customers get a quick reply or even an acknowledgment about the receipt of their request, they will feel contended.
2. Hire the Right People • Hiring the right staff is crucial for your business. • Your team should be prepared to cope with tense situations or tedious work days. • They should be able to recognize customer apprehension and should aim at resolving their problems. • It is vital for your support team to do so for inbound calls, but it is equally important for them to use this method for outbound calls (specially to win churned customers).
3. Use the Feedbacks Received • It is important, to study the feedbacks received and take an action accordingly. • Unless there is a change, that has taken place on your side, nothing would really change between you and the customer. • It will only get worst with time and will be tougher for you to get them believe in you. 4. Offer Various Options • Some customers might leave due to lack of options or should we term it as lack of variety. • This make it important for your business to keep them updated about new arrivals. • Don’t do it before segmenting them in terms of size and other variants. • Up selling and cross selling products and bifurcating customers is easier, if you have the best telemarketing software in house
5. Know the Reason Customer Left • If you could possibly find out why they left at the first place. • Was it the price that they were unsatisfied with? • If it was the price, then there is a lose end between what you are offering and the value they perceive. • Find the reason and ask them what you could do to improve. • If you are unable to win them back, you’d still have information which can be used to improve and hold on to other customers with the same thoughts.
6. Keep Updated Customer Database • You should make a customer database and instrument the key features of products. • Every time the customer uses the listed feature, add it to your log. • This will help you create a customer engagement score that will indicate which customers are happy with your products and are unlikely to churn. • Additionally, your customer support staff can call/email customers about how they can use the product. • So, be sure to make it customer oriented with customer contact center software solutions.
7. Use Virtual Networking • It is always sensible to make virtual networking available to your agents, as that makes it easier for them to connect with your business. • This improves their enthusiasm to work and lets them to work at their own desired timings. • Virtual call center software let’s employees work from home, or any location of their choice with integrated features like menu systems, hold times and more. 8. Offer Multi-Channel Customer Support • Though, providing customer support on phone and via emails is significant, new customers are looking ahead to bond through social media, chat, instant messaging and much more. • Ensure you have acloud contact center software that will allow you to exude automated surveys, generate leads and provide call support with its add-on feature – free shared storage.
9. Don’t Give Delayed Reasons • Delayed response is one amongst many reasons for churning. • With technical developments, customers expect a quick response. • They expect companies to deliver service on channels that they find convenient. • Simultaneously, they anticipate for user friendly ways of getting in touch with your business. • You could use an outbound call center software to integrate a live chat option and make customer dealings more convenient.
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