How many customers leave you every month…every year? Do you know why they leave you? Do you know which customers might leave you next? If these questions have never crossed your mind, or you live under the illusion that all of your customers love everything you do, then consider this lesson plan a wakeup call.
Customer Churn Rate vs Revenue Churn Rate
Let's face it— not all your customers are created equal. Some are more valuable than others. But which ones? This isn't captured in a traditional churn rate calculation. You must overlay revenue data to get the full picture.
Explore Root Cause for Customer Churn
There are reasons behind every churn customer. Do you know what those reasons are? Does your front-line team know? Understanding why your customers churn is the first step in stopping future churn in its tracks.
Predict Future Churn & Eradicate It
It's not enough to know why customers churn. You must take action to ensure it does not happen again in the future. The way forward is through predictive churn analytics. Predict tomorrow's churn so you can stop it today.
Grow Your Customer-Driven Revenue
Note: when retention grows by 5%, profits grow by 25%-85%. Additionally, it’s 10x cheaper to sell to your existing customer base and you are more likely to achieve up-sell and cross-sell opportunities with customers who know your brand.
Table of Contents
The need to focus on retention has never been greater in a market where companies constantly battle for the loyalty and attention of their customers. In this e-book, we’ll discuss the basics of retention management and taking control of churn through NPS®.
What's Churn and Why Should I Care About Retention?
Customer vs Revenue Churn
The Financial Implications
Understand and Fight Churn
Digging Deep Into Churn Using Churn Analytics
Basic Churn Analytics
Predictive Churn Analytics
Stopping the Revolving Door: Rescuing High Risk Customers
Work to Improve
Close the Loop Quickly
Keep Customers in the Huddle
Recommendations for Improvemen
“We have seen a sharp reduction in churn. Within the last two years alone, we've seen a 50% bump in retention.”
TJ Waldorf VP of Inside Sales & Marketing
“We have moved beyond claiming to be a customer-centric organization - now we have the evidence to back it up.”
Craig Scowen Market Development Manager
“Thanks to real-time feedback and Digital Signage showing live customer comments and Net Promoter Scores, our team is more aligned in improving the customer experience.”
Humphrey Geldof Customer Success Specialist