A profitable business is a thriving business. How did the business become profitable? The customers. The customers are the ones that allow a business to grow and retain a name in the challenging entrepreneur world. Now, existing customers take need more TLC than a new customer because the new customer is impressed from the start, which is why they became a customer. An existing customer has fallen in love once enough to buy, but the momentum needs to be there to keep them buying. This is where the churn metric measurement takes effect to manage the business success. The higher the churn rate plus new customers actually harm your company. So, how can you prevent this and fulfill your retention rate of your current customers on a monthly basis? First off, what is customer churn?
From a business definition perspective, customer churn is described as a metric system that collects the percentage of retained individuals to a particular business or service who ultimately terminate their order or subscriptions with that brand within a given time period. This means a measurement is used to see the rate that which you are losing customers.
How to prevent it?
If you are tracking your business and would like to reduce the customer churn, there are a number of ways to prevent it, but below are the top three ways.
Provide Excellent Customer Service
In business, there is something called the S.T.A.R technique. This technique is composed of analyzing the situation, tackling the task, initiating an action, and concluding a result. This is a broad technique that is used in several business models. When it comes to customer service, this can be applied by properly training the employee. Have them understand the mission statement of your business so that they can consciously take the right approach. Having an attentive, understanding, a quick problem-solving employee can drastically reduce the chances of an upset customer that will suspend their actions with your company. Do role-playing to make the connection for the employee of what is expected as excellent customer service in different scenarios with different customer personality types.
Create an item that keeps customers coming back
Some brands will send out emails that have special offers for their customers or clients to indulge in. When it comes to preventing this, you want to prevent the customer from turning your business away and going elsewhere. Create items that draw them in every chance you get, but don’t overdo it. It is possible to send out so many special items or offer integrated options that the customer feels overwhelmed and will sense the
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