If your business is in tune with the Customer Lifetime Value, odds are that you are fully aware that to maximize on that metric, you need to keep your customers happy. A happy customer is one who will stay with your brand, and not leave for a competitor. That is why you need to ensure that you focus on reducing customer churn! How can you do this?
Focus on Service
Every customer interaction you have is a chance to make a customer happy and keep them engaged with your brand. That is why when anyone reaches out to you in person or through a contact centre, you need to provide them with the most positive possible experience. Every interaction is a chance to learn more about a customer, find out what they need to stay loyal and will give you an opportunity to offer them additional products, services or even discounts if it continues the relationship long term.
Retention is Key
Having a dedicated retention department can help you by having a last line of defence to help your customers out if they threaten to churn. Not only is this a chance to save a customer, but it can often be tied to a service agreement. The customer gets a discount, the company reduces churn and everyone wins. And keeping an existing customer is usually far more cost effective than acquiring a new customer.
Have a Great CRM
Having a CRM isn’t a luxury for any business, it’s a mandatory investment to help you grow. If you need more information or a free assessment on your CRM needs, contact us!