Want to Increase Profits by 25-95%? Focus on This Key Metric.
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Focus on Customer Churn to Increase Profits by 25-95% insights from
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Transcript of Want to Increase Profits by 25-95%? Focus on This Key Metric.
Focus on Customer Churn to
Increase Profits by 25-95%
insights from
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How much does it cost for your company to acquire a new customer?
If it’s higher than you’d like, you’re not alone.
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Gaining a new customer is 5 to 25 times more expensive
than retaining an existing customer.
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The truth isit takes a lot less time and effort tomaintain customer satisfaction than
it does to gain a new customer.
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To conserve your energy,get to the root of the problem.
Focus on reducing customer churn.
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Regular churn rate analysis helps you determine which customers
are leaving and why.
This data helps you turn thingsaround quickly and effectively.
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Step One:
Attribute Valueto Each Customer
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Assigned customer value allows for:
1.Identification of the direct monetary impact of each loss
2.Churn reduction strategy prioritization
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Step Two:
Find Customersat Risk of Churn
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How to find churning customers:1. Review customer accounts
over specific time periods.2. Prioritize these customers by
their level of impact on revenue.
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Step Three:
Determine Churn Causes
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1. Are you acquiring the right customers?
2. What is causing customer turnover?
3. How can you better manage customer relationships?
Ask yourself:
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SIX STEPS TOREDUCING
CUSTOMER CHURN
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Step One:
Develop an EarlyWarning System
Set up alerts for customers at risk of churning.
Click here to see how KiniMetrix can do this for you.
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Step Two:
Stress Product Value
Subtly highlight your unique value propositions in every customer
conversation.
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Step Three:
Focus on MoreThan Customers
Review product sales to see if a customer is spending less on a certain product line.
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Step Four:
Predict Areasof Vulnerability
Keep an eye on reduced sales in specific markets and product lines.
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Step Five:
Reward Loyal Customers
Consider anniversary discounts, rebates on massive orders, long-term contract
allowances, and co-marketing opportunities.
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Step Six:
Ask Churning CustomersWhy They’re Leaving
You may find an insightyou’ve never considered.
Open communication also signals transparency.
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It’s not just aboutlosing customers.
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Click here to see how KiniMetrix
can do this for you.
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KiniMetrix helps companies with massive customer segments and
product lines find churning customers instantly.
Start Building Your Churn Bridge Today
Click here to see how KiniMetrix
can do this for you.
