If churn is a problem within your organisation, you may want to implement a marketing strategy to address this. Identifying the root cause of churn is the key to understanding how to reduce it.
Asking every customer why they are leaving is a good start. You can send quick surveys, three questions maximum or call them to see if they can be saved. Often customers will leave to save money. Can you match their new pricing? If service was the problem, you may need to dig deeper. What has caused the problem, and can it be resolved? If it is a one-off compliant, a simple apology and a goodwill gesture, may retain the customer. If the problem runs deeper, you may need to think about internal training and processes.
Customers buying more than one product from you are less likely to churn. The saving may not be attractive enough to overcome the hassle of moving. With this in mind, running regular up-sell / cross-sell campaigns to customers may help.
Give them something they can’t buy from anyone else. This may be exclusive products or loyalty discounts. Why should your customers stay with you? Creating a community of loyal customers involves regular communications, offers and exclusive events. Keeping customers up to date with your news is only the first step. Think about why your customers bought from you? Is it the way you do business? Are your interests aligned? Can you do anything to support your customers locally, that national competitors never could?
Like all good marcomms strategies, this will involve multiple touchpoints such as emails, social posts, online content, events and calls. You need to develop a relationship with your customers, understand their changing requirements, and continue to meet them better than the competition.
Successful strategies will include a feedback loop, to ensure your messaging and offers are hitting the mark. Give your customers regular opportunities to talk to you and feedback on your products, offers and rewards. By involving them in the process, you ensure your strategy will be more successful.
Reporting is essential to understand how successful you are being at reducing churn and how much this is costing you as a business. If you get it right, the ROI will be worth it.
Jola is an award-winning, channel-only supplier of business communications, specialising in mobile data SIMs. We are a global eSIM MVNO, providing innovative IoT and mobile data solutions to MSPs, ISPs, IT Support companies and Telecommunications Resellers.
We are strictly channel only but encourage our partners to manage churn to support their growth strategies. To find out more, request our Partner Pack.