Customers leaving your business or the concept of “Customer Churn” are as old as commerce itself. In any free market society, consumers have exclusive control over their money, and so can choose what and where they prefer to purchase their requirements.
Therefore, from selecting a new product or service at a store to signing up for a loyalty card and redeeming its privileges, we make decisions that are responsible for causing churn both professionally and personally every day.
Hence, taking into account that churns in any business is always prevalent, what can we do to reduce or curb it significantly?
One most common technique that has become immensely popular in the B2B industry in the past few years is the concept of creating a customer success team for your brand.
Here are three pertinent reasons as to why brands are implementing Customer Success (CS) to significantly alleviate customer churn.
The CS team enhances your customer knowledge
The main objective of any customer success team is to make certain that all your present customers are satisfied with their experience of using your offerings.
Now, what are the best means to achieve this goal?
Primarily, try to understand your customer as much as it is possible. Facilitate surveys using an easy to use CRM software, talk to your customers, and gather insights to known their problems and pain points and most importantly why they churn.
This is because, once you identify their problems with your brand, you can get working immediately to resolve those issues.
The CS team lets you save the customer relationships before it is too late
Finding out and isolating a common issue with your offerings is one thing.
But, how will you be able to understand which customers with such a problem have the greatest possibility of churning tomorrow?
Therefore, use your customer success team to evaluate who is truly posing a risk to your brand and prioritize them by leveraging CS technology that includes distress measurement, sentiment analysis, and others.
Using the metrics found in these customer success technologies, you will easily be able to see which customers are at a risk, and thereafter closely monitor those customer’s activities to determine the best course of action.
Keep your doors open for new opportunities through constant dialogue
Pursuing additional business growth with one of your customers that your CS teams have considered is leaving your brand may not make sense in theory.
Nevertheless, you will be surprised to know that asking for additional business from departing customers is most often a highly successful strategy practiced by members of the customer success team.
This is because when your customer success team members evaluate customer survey feedbacks, many brands find that “value” or “prices” are some of the leading reasons for customer churn.
Now if this is also the case with your business definitely it necessarily does not mean lowering the price of your offerings is the best practice for selling your products and services.
Nevertheless, if your CS team encounters an unhappy customer who assumes that your one of your easy to use CRM software is too expensive for his bootstrapped startup business, allow your CS representative let the customer know that you can offer the customer a value bundle with an extended on-site cloud based CRM software training for another CRM software platform that can make the customer stay back with your business.
Doing this will not only help you to split your profit margin between two offerings like selling a QuickBooks CRM software like ConvergeHub, where you can create more value for your customers by offering the customer a CRM that integrates with QuickBooks, which is one of the most popular accounting software in the USA.
In addition, doing this will also increase the loyalty of the customer for your product by boosting their knowledge about your services.
Since the more any customer values your brand and everything that you do to keep them satisfied, the less likely it is that they will leave your brand for a competition.
In a gist, brands can considerably alleviate their customer churn by knowing more about their customers, assigning a priority in their communication tactics, and by elevating the value of conversation by remaining flexible in their selling and support skills as per the customer feedbacks.
In the present times the era of “one and done” customer communication is over and so the requirement of customer success is not going away soon.
Therefore, if you are avoiding having an ongoing discussion with your customers, with willingness and a strong emphasis on your disposition to meet them halfway to keep your customers happy, then we are sure you will, unfortunately, fail to see a decrease in your customer churn rates.
Hence, although it is not an easy task, nevertheless, listening to your customer and keeping their requirements at the forefront of your business goals, will surely make you see your customer satisfaction metrics trend upward over time and consequentially a decrease in the total number of customers that churn.