Churn rates can be a death sentence for businesses. In fact, according to statistics, avoidable customer switching costs US companies a whopping over $136 billion every year. That's why it's so essential for businesses to do everything they can to reduce churn rates. And thankfully, technology can help!
Technology has drastically changed the way businesses operate. In the past, churn rates were often incredibly high because there was simply no way to keep track of customers or effectively communicate with them. However, today the scenario has changed for the better. Here are six ways how.
One of the most important ways to reduce churn rates is by constantly communicating with customers. With the right technology, businesses can easily keep in touch with their customers via email, social media, text messaging, and even phone calls. This constant communication ensures that customers have a positive experience with the business and are less likely to churn.
Companies are often trying to find out why customers are churning. Is it because they were unhappy with the product? Did they have a bad experience with customer service? With the right technology, businesses can track every customer interaction with the business. This data can be used to identify patterns and trends that may be causing customers to churn. Armed with this information, companies can make changes to reduce churn rates.
Poor customer service is often a leading cause of churn. Customers would have a bad experience and then take their business elsewhere. However, technology has changed the customer service landscape. Now, companies can use live chat, AI-powered chatbots, and even video conferencing to provide an excellent customer service experience. Leading CRM software like Salesforce addresses every problem statement related to customer satisfaction. This ensures that customers are always happy with the business and are less likely to churn.
Manual operations are time-consuming and often lead to errors. With automation software and tools, businesses can set up systems that automatically send emails, make phone calls, and track customer data. This not only saves time but also reduces the chances of human error. Moreover, automatic billing and payments make it easy for customers to pay their bills on time, improving customer experience significantly.
Technology also helps businesses reduce churn rates by providing data that can be analyzed—no need for guesswork. Companies can track customer behaviour and interactions with digital analytics software and tools. This data can be analyzed to identify patterns and trends causing customers to churn. CRM software can leverage data to incentivize customers to stay with a business by offering rewards for their loyalty. Customers are more ikely to stick around if they're being rewarded for doing so.
No need to wait for action until a customer has churned. Software suites for customer experience management allow businesses to use predictive analytics to identify customers at risk of churning. This will enable companies to take action before the customer churns. AI and machine learning also play a critical role by empowering businesses with intelligent decision-making capabilities.
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