10 ways to reduce customer churn

Our chief executive Jo Causon published a ten point article that will help you reduce customer churn in your organisation in Management Today.

Our research has identified how big a problem churn is to British businesses:

• 35% of business leaders see churn as the greatest threat to their business
• replacing a single customer costs £6,500 and takes an average of 58 days
• 47% of customers say they're more likely to switch companies in the future

Couple this with our research into what drives return on investment in customer service and you have a formula for tackling the problem. For example:

• 92% of senior executives feel that creating and enhancing customer relationships will have a very high impact on customer service ROI in 3–5 years time (compared with 60% now)
• 79% of the same cohort felt that linking customer service processes, people and strategy will have a similar impact on customer service ROI in 3–5 years time

Think strategically, work at the ‘softer’ side of customer service and resist the urge to make short term cuts to bring significant competitive advantages in difficult economic times.

Read Jo's article in full.