Marketing leaders acknowledge that customer engagement via adequate customer support, quality service and products, etc., is vital to reduce customer churn.
CMOs say that a customer would stop conducting business with an organization if they are dissatisfied with the rendered services. Then, opting to leave the organization and potentially switch to competitors, certainly damages the brand reputation and revenue.
Clients may decide to stop the association due to various reasons. Marketing leaders will be aware of what products and services the customers prefer. They must accept that a certain Churn level is unavoidable, but it doesn’t mean that zero efforts are taken to reduce the rate. Organizations need to analyze various factors that will help reduce the customer churn rate. In fact, monitoring the Churn rate can also act as a metric for business performance.
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CMOs say that different strategies need to be analyzed, and the most promising plan relevant to the organization’s goals needs to be implemented. Customer support teams will have a vital role in the collation of the insights.
Importance of reducing Customer Churn
Churn rate acts as a critical performance metric that helps to measure brand loyalty and client engagement. As a result, every organization needs to set up an effective strategy to mitigate customer churn issue. Marketing leaders acknowledge that no organization wishes to lose its client base mainly because it will negatively impact their revenue. Also, to attract new clients, more investment is needed, as compared to retaining the existing ones.
Understanding the reasons for Churn
CMOs believe that it’s imperative first to understand why the churn rate has increased. To diagnose the issue, it is required to chalk out the necessary time to interact with clients. Some of the ways to interact with clients include regular one-to-one communication over phone calls, mailing out Customer Satisfaction Survey frequently, customized follow-up email after a service call, etc. The marketing team should make a conscious effort to reach out to the customers to gain better satisfaction and loyalty.
CMOs suggest touching base with customers on occasions other than the renewal/cancellation of a subscription, is important. Restricted communication can result in negative CX. New ways of interaction should be identified and implemented to ensure that clients feel special. They can be sent the latest features and updates related to services and products, special prices, etc.
Customer interaction can be carried out at various touch points, devices, and channels. Organizations need to ensure that the right quality of content is made available to the customer at the right time. Email marketing is a more efficient mode of communication for B2B organizations to check in with clients.
Customer feedback loop
CMOs point out that the collection of customer feedback is an important stepping stone to constant evaluation of the organization’s performance. Surveys are a proven way to collect feedback since customers are generally willing to share feedback for products and services that they truly valued.
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Instant chat apps like LiveChat are another way to obtain real-time opinions. Customer insights are an excellent way to analyze what all features are working against the brand’s reputation and negatively affect CX.
Resolve customer complaints
Resolution of customer complaints is equally vital as a regular collection of customer complaints. The complaint can be about a variety of issues. This may range from the quality of products, quality of support, ease of use, etc. Regardless of the issues, a positive CX will reduce the number of complaints and increase word-of-mouth popularity.