Want to win the crowd at your next meeting? Here are a few simple tips to make you the smartest marketer in the room.
Customer churn keeps CEOs up at night. That’s because if and ultimately when it becomes an issue for your company, mass customer exodus has already begun. “In many competitive industries, churn can be substantial — some wireless carriers, for instance, lose 3% of subscribers each month,” says Harvard Business Review.*
Here are three tips to help you take charge of customer retention for your company. Be the first to take the beach. Take the bull by the horns. Speak to the people as the applause and accolades flood in.
Tip #1: Identify which customers you could potentially lose.
Unless you’re psychic, work for the CIA or possess The Force, you’ll probably need some help to accomplish this. Thanks to predictive analytics and machine learning, you can now find out which customers you’re going to lose before you lose them. There are companies out there that specialize in churn management and have the technology to make this happen.
Tip #2: Understand each customer’s churn rate and market accordingly.
Once you establish which customers are already out the door and which customers still have one foot on first base, you’ll know where you should spend your marketing dollars. I like to think of it as using churn rate to “triage” your customer base during your customer churn analysis. In other words, put your efforts into customers who still can be saved.
Tip #3: Act
As Yoda said, “Do or do not. There is no try.” Develop and implement the following customer retention strategies:
• Create a customer loyalty program.
• Stay in contact using a monthly e-newsletter campaign.
• Send timely “special offer” emails throughout the year.
• Always seek out opportunities to upsell and cross-sell.
All this might seem like marketing 101, but often it’s about turning your plan into action. Seize the day.
Rafael Scott is Chief Customer Experience Officer and cofounder at Spyglaz — a business intelligence platform that delivers key insights on churn and predicts potential customer loss before it happens.