Time to finally start Listening!
Customer retention is important to all companies because as understood the cost of acquiring new customers is much greater than the cost of keeping relationships with current customers.
The most important thing in customer retention is to understand your customers and the more you know about them the better: their expectations, satisfaction levels, demographic & geographic & psychographic tendencies, etc. If you understand more about your customers and know more about which customer groups are defecting to rival providers, more effective retention strategies can be developed. This is the key to the successful retention marketing.
Obviously, the most important customer retention strategy is to identify customers who are likely to potentially defect to rival providers. Once they are identified, customer retention programs can be developed and preventive actions can be taken.
Customer Churn hitting market share?
Have we spent enough time listening to our customers and detecting churn influencers?
A simple way to address this issue is to listen to your employees. Well Managed organizations conduct periodic Employee surveys to understand the Key Drivers and take corrective action to control attrition. A set of questions that clearly addresses some of the key concerns will immediately put you back on track and save you millions of dollars.
And what does it take? It just takes a commitment to understand your stakeholders and to show them you really care.
How you can get started?
- Set Clear Objectives
- Defector Profiling – Profile Risky Groups
- Conduct a Focus Group with a representative group taking into account Demographics etc
- Identify Triggers - Clearly understand the Key Influencers
- Build the Questionnaire – Simple and Easy to Understand
- Design & Deploy the Questionnaire
- Choose the appropriate method for Data Collection– You can either host it online or use a Online Survey Software Solution
- Collect the data and analyze the results – Neural network provides a way to identify customer groups and is a reliable churn detection method
- Report the findings – Quickly deploy anti churn strategy to retain customers
Market Equations offers Online Survey Solutions to organizations worldwide to derive quick and cost efficient insights into their markets through their consumers. Company’s today are increasingly using this medium of data collection to derive insights from their consumers to gain market and mind share.
Market Equations can help you collect vital information about your customers, employees and your market place. Outsourcing Churn Detection to Market Equations can help build enduring customer loyalty through early churn detection that will help you stay ahead of the competition.
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