What if your churn strategy could go one step further than simply getting your customers to sign on again for another 12 months? Imagine a world where your data could not only flag up customers who are about to disappear, but could also be used to upsell.
If a customer is about to churn, it means they are engaged. Whether positively or negatively, they are not the type of person that has let the same contract roll on for a decade without shopping around for a better deal. They are interested in the industry and they are looking for the service that is right for them.
This can make them an ideal candidate for upselling if you can prove that you can provide what they need. If a customer is about to leave because of several incidences of poor service and faulty equipment, then asking them to part with more cash will add insult to injury. But if they are simply looking for more or something better, then they are far more likely to be swayed.
Telcos can’t drive down their prices indefinitely, but they can employ introductory offers to coax shoppers into spending more for the experience they are looking for.
While this exercise is going on in the short term, you need to look at the customer journey as a whole to work out ways to improve retention rates that are far more personalised than loyalty schemes, but which do the same job.
A retention strategy that only keeps customers on board immediately will lead to a situation where your staff are constantly putting out fires. It might result in a customer staying on today, but the threat of them leaving will continue to be there.
The data that you have collected during this practice allows you to do far more. By developing this strategy, you have gathered insight into the entire customer journey and by analysing this you can work out areas that need to be improved to retain customers by the thousands, not just individually.
It’s time to take your customer service to the next level by acting smarter than your competition. You will see instant results from getting to know your shoppers better.