7 battle plans for fighting customer churn

23rd Nov 2015

Everyone knows that a successful, sustainable business needs a loyal customer base. But in times of economic challenge and uncertainty, customer retention isn’t as easy as some might think – and it’s during these periods that customer behaviour often becomes the leading factor in determining a company’s financial performance. 

With the International Monetary Fund projecting global economic growth in 2015 to be 0.3 percentage points lower than in 2014, businesses need to ensure that they retain customers. Here are seven simple yet significant ways to improve your churn rate, no matter how troubling the global economic outlook: 

1. Plan ahead

Businesses can impair the quality of their customer service if they have a short-term focus and prioritise cost-cutting and sales over service. Companies that look to the future and focus on customers are more likely to retain them.

2. Equip your employees

If you recognise customer service as a true profession, you will want to empower, motivate
and develop the appropriate professional skills in your workforce. Customers will benefit – and so will employees. 

3. Get social

Social media gives your customers a podium; so make sure you have one too. From LinkedIn to Instagram, there’s a range of social platforms to suit every business type. Be responsive and ensure that you’re in tune with your customers’ views. 

4. Treat customers as individuals 

“Get to know your customers,” says the Institute’s chief executive, Jo Causon. “They have the power to shape your image and mould your success.” Personal contact is almost always best; show that you remember your clients and they are more likely to remain with you.

5. Learn from feedback

Customer feedback, especially in the form of a complaint, is an invaluable tool for measuring and evaluating the likelihood of churn. A workable, practical system will help you identify weaknesses – and put them right. 

6. Think strategically 

Consistent and appropriate customer touch points are fundamental to good customer service. A seamless service across all channels will help to build trust with customers and give your relationship longevity.

7. Don’t cut back

To safeguard customer
retention, organisations need to be prepared to invest time and money in their services. Work hard to hold on to customers, or face the financial consequences.

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