Customer retention is the process by which you engage your existing customer base in such a way that it induces repeat purchase thereby increasing customer lifetime value and reduces customer churn. Customer retention is measured by customer churn or attrition rates. Customer churn gives the number of customers that a brand loses over a specified time period, expressing it either as an absolute number or as a percentage of your total customer base. However, churn can also be expressed in direct value terms by stating the amount of recurring business lost due to attrition.
The lower the customer churn, the higher the customer retention and brand profitability. Retain your customers by building a reporting infrastructure and reducing negative word of mouth with intuitive AI.
With an increased access to Internet, there is a greater concentration of customers on online platforms and it becomes very crucial for brands to keep their websites and mobile apps user-friendly
Collect and analyze customer feedback collected from multiple touchpoints like emails, chats, SMS, app and website data to understand the drivers of customer churn and get a measure of customer experience. Visualize churn rates by using multiple metrics like the total number of customers lost, the total number of customer list as a percentage of the total customer base, the value of recurring business lost to get a holistic picture of customer churn and by extension of customer retention. Move away from industry-specific broad drivers of churn to brand-specific causes of churn. This will let you implement measures that plug leaks in your customer retention apparatus.
Build automated reporting and routing solutions to identify customer issues in real-time and funnel them to individuals or teams that can solve them. Map your customer journeys precisely to identify stages where customers are not getting the experience that they expect. Stay relevant in hyper competitive markets by getting more value out of your existing customers. Keep your bottom line healthy and increase profitability by deflating marketing and sales costs by reducing churn as multiple studies show that the cost of retaining customers is far less than the cost of acquiring new customers.
Maximize customer lifetime value by reducing churn. Use predictive models to understand emerging trends in customer tastes and newer models of customer engagement and create corresponding capabilities to deal with future disruptions. Build conversations with your customers that communicates your brand value. Use modern feedback management platforms and NPS surveys to identify your most vulnerable customers. Create incentive structures and reward systems to target at-risk customers and gratify your loyal customers. Create a support ecosystem that encourages customers to engage with your brand and increase customer satisfaction.
Research shows that over 50% of millennials who are dissatisfied with a brand experience immediately take to social media to express their dissatisfaction and spread negative word of mouth. Reduce lag in responding to customer issues and always accelerate Closed-Loop Follow Up to prevent isolated negative experiences from wreaking havoc on your brand value. Follow up with existing customers and act on assimilated feedback to increase satisfaction.This will enable you to create an organic word of mouth and make brand promotions easier and new customer acquisition cost-effective by having a solid base of loyal customers.
With Closed-Loop Follow Up employees get to learn from their mistakes and capture and convert at-risk customers to loyal customers. Exploit the real-time nature of closing the loop to make employees aware of their mistakes while they are still relevant.
Industries across the board are becoming more competitive with new customer acquisition becoming costlier and more time-consuming. Customer retention becomes critical for an integrative customer experience as a loyal customer base signals a stable cash flow and lower expenses on marketing and sales. Zykrr's new-age customer retention machinery blends analytics, AI capabilities and human sensibilities to offer seamless and intuitive end-to-end customer churn solutions.