Ensure Business Growth
Customer acquisition and retention are essential to ensure the growth and success of a business. Once acquired, a company must deploy as many resources as it can afford to keep each customer for as long as possible.
The attrition rate, or more commonly referred to as the churn rate, is the measure at which a business is losing its customers. This metric is a clear sign that measures the current health of the business, while revealing actions that must be taken to minimize its impact.
The churn rate can be calculated in various ways. The main figure is reflected on actual customers lost, but it’s also important to account for the lateral damage that’s caused every time you lose a customer.
“Companies spend seven times more on customer acquisition than customer retention, and the average global value of a lost customer is $243.”
Let’s take a look at the most common causes of customer churn and the most effective methods to minimize them.
At the core of customer churn you will find an unsatisfied client. This brings us full circle to the policy that the customer is always right. Once you understand the needs of your customers, you are in a better position to satisfy them.
The customer service policy at your company should be effective and never-ending. Around the clock service that’s easily accessible is mandatory to keep your customers satisfied, and this can be achieved with a customized call center solution.
It’s important to never take your customers for granted. In an ultra-competitive market where companies are fighting for customers, loyalty should be rewarded.
Clients that provide repeat business and refer other customers are a valuable resource that should be encouraged. If your company does not have a rewards-based program, you should consider implementing one.
A client you keep is a client you didn’t lose.
Once you have a customer within your ecosystem, a sure fire way to keep them is by providing value.
The product and services that you provide to your customers is the main focus, but the associated value-centric services should not be discounted. Pre and post-sales services are integral to your overall business offerings; it’s these auxiliary services that keep your customers connected to your brand.
Value is delivered by supplementing your clients initial desires and providing ongoing value based on their behavior.
A way to consistently stay engaged with your audience is through a customized approach on their preferred channel. Channels will include external outlets such as social media, as well as internal inputs collected by your interaction with the client.
The most effective way for a company to find the optimum level of engagement is through a multi-channel approach. A corporate call center provides the perfect avenue – one that delivers clear results you can measure.
Our call center solutions allow your company to monitor the pulse of your clients and engage with them on a personal level.
Communication is a two-way exchange. Businesses that fail to realize this will churn out customers faster than they can bring them in.
One of the most powerful benefits of call centers is the real-time exchange of information that they provide from your customers. Without a lag time between your customer’s responses and concerns – you are able to address any issue with time-relevant solutions.
Failure to adapt to the changes of your market can be detrimental. By paying attention to their clients, companies are able to foresee trends and evolve their business model accordingly.
In order to evolve your products, services and internal procedures, the company as a whole will have to remain flexible and open to change.
It’s only through continued engagement and real-time feedback that brands are able to stay relevant and keep their customers committed.
Call Centers Now – The Solution to Customer Churn
The methods outlined will minimize the current rate at which your customers are churning. And if properly applied, these strategies can set the stage for an increased level of customer satisfaction and overall success.
It’s not often that one solution can solve the majority of the issues that cause customer churn – although call centers have that ability.
Ensuring customer satisfaction requires a clear line of communication, one that is constant and reliable. Call centers continuously provide the most effective solution, to not only minimizing customer churn – but avoiding it altogether.
If you’re interested in linking your business to a call center for peak performance.