Churn is a metric companies can measure that shows how many customers choose to stop buying a product or service from them. It’s important for companies to know their churn rate if they want to reduce their customer churn and understand where the customers journey at their company stops. Let us show you what you can do to reduce churn at your company and improve your customers loyalty!
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5 things that affect your churn rate!
Understand the reasons behind churn
The first step to reduce your churn is to identify and understand the reasons behind your churn. By analyzing customer data, feedback from customers and how your customers interact with your company, you’ll gain valuable insight into why customers choose to stop doing business with your company. It could be reasons such as bad product quality, poor customer support or that the price is just too high. By figuring out the reasons behind your high churn, you’ll be able to start the important work to fix the negative trend.
Improve the customers experience to reduce churn
Having a great and helpful customer service is one of the most important strategies to reduce a companies churn. If your customers gets help in a quick and correct manner, they’ll usually continue being happy and loyal customers to your company. You’ll gain a lot of loyalty from your customers if you create a seamless experience through all the communication channels they use. By using a CRM-system you’ll be able to easily improve the customer experience. With a CRM-system you’ll be able to collect all customer data in one database, making it easier to help customers no matter how they choose to contact you.
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Create better customer relationships
Companies should strive towards creating more personal relationships with their customers, it’ll help reduce customer churn. You can create better customer relations by regularly communicating with your customers, creating personal interactions such as a loyalty program or collect feedback from your customers. Think about it: How does it feel to leave a company where you’re just one in a crowd of customers, versus leaving a company where the salesperson knows your name and what you do for a living? By building better customer relations you’ll create trust and loyalty with your customers, which reduces the chance they’ll leave your company and churn.
Go the extra mile
Going the extra mile is important for companies that want to reduce their churn rate. Make sure your customers understand the full value of your product and everything your company offer. Things such as free webinars, product education or personal guidance is some of the things you can offer your customers to go the extra mile compared to your competitors. What can you do for your customers today?
Be proactive and reduce your churn
Being proactive instead of reactive is one of the best ways to reduce your churn. When customers experience problems or needs to complain about something they expect a fast and efficient handling of their issues. Offering a great customer service through the normal communication channels is important, but by having a proactive strategy you’ll make it easier for both your customers and your customer service. By having regular customer surveys you’ll be able to catch customers issues before they’ll reach your customer service. Write how-to guides on how to solve the most common issues or have a good FAQ answering their questions are just some examples on how you can be proactive. By being proactive you show customers you truly care about them, which will help build their trust in your company.
Create a company culture focused on the customer
Building a customer-focused company culture is a great step towards reducing churn. Every employee, no matter what position they have, should have as a goal to create happier customers and better customer relations. You can achieve this kind of customer-focused culture by building an internal culture that empowers employees to make their own decisions and encourages cooperation between departments. Sometimes you might need to get professional help to create the company culture you’re looking for. Lime Intenz are experts at changing company cultures.
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Keep an eye on your competitors
No company works alone, usually there’s multiple companies fighting over the same customers. That’s why it’s important to keep an eye on your competitors and see what they’re doing. Are their prices better than yours? Do they offer better delivery options or other kinds of services that you currently don’t? Take the time to analyze your competitors and what they do in comparison to your company. Is there something you can do different?
Don’t forget social media
For many customers it’s expected that you’ll have an active customer service on your website or through a call center. But times change, and the way customers interact with your company change too. For some customers it might be important to be able to reach your company through social media such as Twitter, Facebook or LinkedIn. Offer your customers a communication channel through social media, be active and respond to any negative comments and collect feedback from your different social media channels. In other words, let your customers choose the way they want to contact your company for the best kind of experience.
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How can Lime CRM help you reduce churn?
Keeping your churn rate at low levels is one of the most important things a company can do to continue growing and become more successful over time. If customers churn from your company instantly after a purchase, you’ll need to keep chasing new customers all the time just to keep your company going. By working proactively and creating a more customer focused organization, it’ll be easier to keep existing customers instead of having to find new ones all the time.
With the help of Lime CRM your company will be able to easily follow up on everything that has been done, said or promised with a customer. The entire company will get a common idea of customers needs and experiences during their customer journey, no matter what communication channel they choose to contact you through. Lime CRM makes it’s easy to focus on the customer and create a customer focused company culture. By involving the entire company in the customer experience, you’ll create more loyal customers over time, reducing your churn.
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