Customer churn, or customer departures has become one of the main priorities for the vast majority of companies nowadays. The markets’ maturity and the intensification of competition have made the companies aware of the importance of not just gaining customers but retaining them.

This is something most of the companies face now, but do they really know how this problem works? Companies haven’t adapted their cultures and capabilities to the new reality and are still focused on rewarding customer acquisition while forgetting about the importance of rewarding loyal customers. As a result, companies are not progressing in the reduction of the churn level, which varies around 2% to 2.5% per month.

Churn is not something about one-time episodes but about an entire journey. Companies sometimes think that it is the last episode the one that is making the customer leave. They try to solve this by offering special promotions as a lure but this rarely leads to a complete solution to the customer’s discontent. This does not resemble the reality, which shows that it is the series of bad episodes the one that leads to customer dissatisfaction and at the end to the loss of that customer.

Episodes inside customers’ minds are connected so it becomes increasingly difficult and expensive to intervene. Therefore advanced analytics can be useful to solve problems in early stages and reduce the churn rate. Solutions as WebToGo’s self-service customer support can allow faster problem detection and also permit the customer to solve some problems on their own, reducing previously mentioned costs and increasing the satisfaction of those customers.

Churn will not succumb to a single initiative, there are several root causes and having a general view of the problems that arise, may allow your company to reduce both costs and churn rate, which should be one of the most important concerns nowadays. Attacking the issue from multiple fronts, offering an integrated solution, will move you one step closer to your goals.

It is not just about satisfying customers, there should be something else, something different that will generate active advocacy and will achieve a level of engagement. We try not only to solve problems but to provide lasting value. We have adapted to the digital transformation we are living in and through our self-help solutions we provide the user a seamless and consistent journey across support channels, which enable our clients to solve the problems efficiently and at the end, to reduce the churn rate.

Conventional support channels today are a major source of customer dissatisfaction. WebToGo’s digital self care solutions make customers want to stay for the superior support they receive, increasing the revenue of your company

Via: Bain