ATS Global is a large international player in consulting on automation, quality and IT to suit...
How to improve your churn rate
The business world is focused on sales. But another important goal for any business should be to ensure that their customers do not leave them. Customer churn is inevitable for any business owner. No matter what you do, there will always be some customers who will leave your product or service. While reducing your churn rate to 0% may not be possible, you can still bring it down and push it as close to zero as possible.
Let us discuss a few key ideas that can help you improve your churn rate.
Offer value to get value
It is no secret that providing your customers with the best experience is a sure shot way to keep them for a long time. You are probably tired of hearing this, but there is no way you can sideline the customer experience. You must provide the best value to your customers. This not only includes offering them a quality product or service but also keep them part of your business by involving them in your decisions and getting their feedback.
Focus on how your emails, newsletters, or website, etc. will generate the maximum engagement from your customers. Be personal and get them excited about being a customer of your business. Ask them if they need help and go out of the way to offer them support regarding your products. Your company must take a proactive approach to receive feedback from your customers, which will help you make the appropriate changes and improve your churn rate.
Aligning your teams
To improve the customer experience, you must provide the right reinforcement and support to your sales and customer support teams who are vital in boosting customer retention. This means creating a more positive company culture and building strong collaboration amongst your teams. For example, if your sales are down, you must take steps to maintain employee engagement so that it doesn’t further affect performance.
Give your sales team more autonomy and let them come up with new techniques to reduce the churn rate. Invest in skills training and coaching techniques for your staff members so that their processes became aligned towards maintaining the best standards for your customer’s experience.
Integrate your sales tools and processes
Another critical aspect to take care of is to evaluate whether the tools you are using to manage your customer relationships and overall success rate are optimal for your company. To manage a larger number of employees, you need effective software like CRM and other analytics platforms. These can easily link up with other systems that you use to maintain an effective workflow and avoid any bottlenecks that would create an obstacle to serve your customers. Aligning your tools with your sales and customer retention processes around key customer interaction points can make all the difference. You can include different activities like marketing and promotions, application development, resource usage, and financial KPIs, etc.
Focus on your competitive advantages
The primary thought is that if your customers know that they are getting the best product or service from you, they would not consider leaving you for a competitor. You must build up a competitive advantage to give yourself an edge over your competitors. People know what’s out there, so get your message clearly across to them. Focus and highlight the strengths of your company, whether it’s your efficient customer service or more intelligent features. Work on your products and separate yourself from the competition.
You must also have enough flexibility to stay on top of new developments or changes in consumer behavior and other environmental factors to stay on top of things and avoid losing any extra customers, just because you aren’t on top of your game.
Want to improve your customer experience ? Start by doing a workshop in your company !