Industry-wide benchmarks show that it costs about 5x more to acquire a new customer than it costs to retain an existing customer. According to Kevin Stirtz, a loyalty expert, “Every contact we have with a customer influences whether or not they’ll come back. We have to be great every time or we’ll lose them.”
These are some of the highly popular customer retention articles from the last quarter curated by VOZIQ’s internal team.
With the capability to constantly gather new data to re-predict and re-prescribe, prescriptive analytics can automatically improve prediction accuracy and prescribe better decision options to business leaders.
Prescriptive analytics ingests hybrid data, a combination of structured (numbers, categories) and unstructured data (IVR Logs, CRM Textual Notes), and business rules to predict what lies ahead and to prescribe how to take advantage of this predicted future without compromising other priorities. By using prescriptive analytics in a churn situation, business leaders can decide which type of remedial actions can be used for different customers likely to churn.
When customers are satisfied with a company and its products and services, it doesn’t mean that he will stay forever with the company. Effective loyalty programs anticipate customer behavior by constantly reviewing and analyzing customer activities.
Here are the 5 best strategies to make customers happier and reduce churn:
- Understand what type of churn is prominent in your company
- Build accurate understanding of customers
- Explore newer data sources to gather customer intelligence
- Deploy predictive analytics to uncover new opportunities
- Focus on proactive retention approach
Churn and burn sales and marketing tactics in today’s world of choice, simply don’t nurture sustainable growth; you must aim for customer loyalty at every turn if you want your brand to thrive. To truly understand the psychology behind consumer behaviors, emotions and tendencies, you need to genuinely connect and interact on multiple levels, with a view to forming rock-solid bonds. This dramatically increases the likelihood of achieving loyalty and as an end result, repeat customers.
If you’re struggling to increase your profits, the problem might be that you’re focused on the wrong area. There are only three ways to increase your profits:
- Increase the number of customers.
- Increase the number of sales you make to each customer.
- Increase the value of each sale.
If you’re only focused on increasing the number of customers, you can only see one-third of the methods for boosting profits! To maximize your profits, you need to dedicate your time to increasing the value of each subscriber and to do that, you need to focus on customer retention!
We hope that you have enjoyed reading these articles. For busy customer retention leaders like yourself, our curators have compiled few more popular articles on various customer related topics from the last quarter.
Click the below image to download the complete list in PDF format.