Customer churn (the loss of customers) can seriously hurt your business revenue. While some amount of churn is inevitable in any business, you still need to have an effective churn reduction strategy in place.
The cost of acquiring new customers is much greater than keeping existing ones. And so, retaining customers should be a priory for all.
Who are your customers?
Retaining customers involves keeping on top of their current service requirements and determining what other services they may require.
To achieve this, it is important to proactively communicate with your customers. And obtain information through traditional engagement channels, such as email and telephone.
But in order to fully optimise your churn reduction strategy, you need to delve deeper.
This requires detailed data.
Almost every business has basic geodemographic information about their customers, such as age, location and gender, but to truly understand your customers, you must go beyond this.
Identifying your customers’ behavioural traits is key.
Your data and our data in unison
By combining your own customer data with our data insights, we can provide you with a full picture of your customers.
We can identify your ‘super customers’, as well as individuals who have a high propensity to churn.
For example, by integrating our own data insights with a retro analysis of churned customers you have identified, we can pinpoint which existing customers pose a greater churn risk.
Using this insight, you can then implement a nurture program that addresses current customers who fall into this category, to help reduce their churn, or alternatively (or additionally) apply a filter on new prospective customers, that doesn’t allow high-churn-risk customers to be onboarded.