How To Retain Customers Who Are On The Brink Of Churning - Deepstash

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CUSTOMERSUCCESSBOX

How To Retain Customers Who Are On The Brink Of Churning

How To Retain Customers Who Are On The Brink Of Churning

customersuccessbox.com

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70% of companies say it’s cheaper to retain a customer than acquire a new one. The old rule of thumb says it costs 5 times more to acquire a new customer than it did to retain one.

Engaged consumers buy 90% more frequently, spend 60% more per transaction, and are five times more likely to i...

Ask yourself these questions. Do you know the reason why your customer is canceling? Is this a surprise for you or do you already know the issue? Can the issue be solved?

Look deeper why weren’t you able to get in front of the issue earlier, what attempts to solve have you already made (bec...

Collect the voice of the customers at risk.

This will help you be aware of many important things including the reason your customer bought your product, why they stuck around, and what made them cancel. The following methods and campaigns can be used to learn more about your customers:

Set up a workflow to determine which triggers to use based on the churn risk factors you’ve identified.

For SaaS providers, you might look for customers that haven’t logged into their account for X number of days, didn’t complete the onboarding, or have stopped using your product.

Do ...

Churn is inevitable. But you need to analyze the real reason for the churn which helps you build up solutions against it.

Use your churned customers’ feedback to avoid mistakes if any. Also if a customer is not satisfied with your product.

Don’t let that customer walk out the door bef...

If you know you can’t solve it, or if the customer isn’t worth saving, you should probably move on. Ask yourself this question, Is this customer worth all the effort you are taking to save them? It is obvious that you cannot solve every cancellation reason?

Maybe sometimes it’s not enough t...

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In this guide, we’re going to go over six strategies to reduce churn, with real-life examples from SaaS companies that have successfully done it.

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