MANAGING in the

NEW WORLD

It is well understood that it is much easier to retain customers than to create new ones. Yet organizations in order to achieve the latter, are increasingly facing massive churn in the existing customer base. Due to high churn rates, brands lose out on potential product advocates and instead fostering the creation of new detractors due to negative word-of-mouth publicity. In order to reduce customer churn rate, some methods have been identified. First of all, companies need to be proactive about brand perception. For this customer servicing has to be top notch and one can take help from tools such as Salesforce’s Net Promoter Score. The feedback loop must be properly integrated so that customers may connect easily with ideas or queries. Instead of regretting departed customers, brands must instead learn reasons from them for such behaviour. Business analytics must be made use of to study what kind of customers departed. This will enable more specific customer segmentation so targeting can be more personalized. Customers must be made to feel appreciated. This is possible through engagement using loyalty emails. A customer retention process must be formalized within the CRM.

Source:http://www.business2community.com/customer-experience/6-ways-cut-customer-churn-rates-01710224

 

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