Coupling Predictive Demand Planning with CRM for Improved Visibility
National Geographic: A wealth of experiences
Optimizing Digital Data Collection for CRM
Big Data Accelerates the CRM Race
The CIO's Role in Fixing a Broken CRM
Rob Urbanowicz, CRM Practice Area Director, Socius
Using Social Data to Power Real-Time CRM Optimization
Matt Kautz, VP, Head of Business Intelligence, Analytics and Research, Machinima
How to build a CRM team
Mike Berry, Senior Director of CRM Technology, Shutterfly Inc.
Solving the CRM Conundrum
Ann McGlinchey, VP of E-Commerce, Digital Marketing, CRM, Positive Promotions
Thank you for Subscribing to CIO Applications Weekly Brief
Proven Strategies to Reduce Customer Churn
Customer churn rate is a critical metric that determines the overall business success. Customer churn is the percentage of subscribers to a brand or service discontinue their subscriptions. Most businesses classify a customer as churned after a period of time when the customer has not interacted with or purchased any of the services. Any business that depends on revenue from continued customer relationship should give close perusal to this key growth metric.
One of the best ways to prevent customer churn is figuring out what people think of the service. Whenever a purchase is made, ensure that an email customer satisfaction survey is sent to the customer who purchased the service. Negative feedback can help learn the cause of high customer churn. Through the survey, organizations can identify trends and areas for improvement.
Reaching out to the customers on their demand can help them get the most out of an organization's product or services. The communication sends to them should be directly tied to the product or service usage.
Customers getting started with a new product or services should be navigated. This will set up a customer onboarding process, which makes it easier to manage customer expectations. Customers who felt valued with the service are less likely to leave the community. Also, it is important to constantly monitor and iterate on the onboarding process keeping an eye out for snags.
Customer Loyalty Program
Creating a loyalty program can help prevent customer attrition. They are initiative sponsored to provide benefits to opted customers, in which customers can receive free rewards. Providing benefits will ensure customer engagement which makes customers committed to a particular brand or service instead of going to a competitor.
An organization can reduce customer drop off using these tips.