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Personal growth and development
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 indicate it is the only brand they would purchase in the future.
Doing the right thing at the right time can help retain customers.
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 (because there is no use trying those again), and consider what you haven’t already tried.
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 your clients avoid answering your calls and your emails? Do they cancel their meetings with you or your reps? This might be a sign their emotional attachment is decreasing on par with their satisfaction.
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 before you know why. The feedback here is very valuable for you.
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 to just have a great product that solves a real problem. Or your customers have low adoption on their side and cannot use your product to the fullest.
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