In this competitive age, retaining customers seems to be a significant challenge a modern business can face. Studies show that customer retention is not only cost-effective but is also great for business growth. After all, 80% of the total sales come from your loyal customer base.
So how can you retain your customers amidst fierce competition? The answer is quite simple! You start by offering your customers a great experience from the moment of onboarding. A customer-centric approach and an efficient call center partner, any business can reduce its customer churning rate, resulting in a loyal customer base.
So, standing in 2020, how can call centers to help companies reduce customer attrition? Let us find out:
1. Implementing a Customer Onboarding Program
To avoid customer churn in the first place, you need to have an excellent customer onboarding program in place. Customer onboarding refers to the process of getting new customers to use your product or service in the simplest way possible to achieve their goals.
A proper onboarding will convey the customer the value of your product or service from the start. It will give the customer immediate gratification for signing up for or buying your product. Excellent human interaction can be the best onboarding process.
A welcome call on your behalf can surely make your new customers feel welcome. You can use a call center partner to make the onboarding call, during which you can:
- Discuss with the customer how they want to proceed, and work on matching their expectations.
- Help them by offering them additional services.
- Make the customer familiar with all videos, webinars, and community websites you offer so that they can quickly get started and can overcome common obstacles.
- Your first onboarding conversation must be followed by a personal welcome email.
Customer retention begins with a good onboarding program.
2. Creating Customer Follow up Programs
As per Econsultancy, 82% of companies agree that customer retention is cheaper than closing a new customer. Also, studies show that customer retention is the primary revenue driver for most companies.
Acquiring new customers is not a cheap affair. On the contrary, taking care of your existing customers is five times less expensive than that. As per the Pareto principle, 20% of your customer database will generate 80% of your company’s revenue. Your customer retention programs should be maintained to improve customer loyalty.
3. Identify Risk Customers
No company can stop 100% customer attrition. They can, at the most, try to identify the problem and fix it to prevent the churn at the right time.
In most cases, customers leave because they are not satisfied with either the product or service quality. You must, therefore, invest your time in identifying risk customers every week. Here’s how you can identify risk customers:
- Check out the customers with too many open tickets. You can manage these tickets and solve the issues with a proper follow-up, turning your unsatisfied customer into an ambassador for your company.
- The customers that called your office with queries or complaints often require training or other services. You should offer them some self-service manuals or quick training to keep them interested in your products or services.
- Customers with a disrupted buying pattern need to get a phone call from your customer service team to see whether they are having an issue or not. After that, you need to work on fixing the problem.
4. Following Up On Customers Who Haven’t Bought For A Certain Period
As per the Luxury Client Experience Board, every time a customer returns, they are more likely to buy from you again. After their first purchase, your customer has a 27% chance of returning to you. By the third time, there is a 54% chance of them making another purchase.
However, customers don’t always come back by themselves – you have to remind them why they need your products and services. A simple follow up by an efficient call center agent can bring the revenue back to your business.
5. Win Back Lost Customers
Winning back lost customers is easier than acquiring new customers. You have a 20-40% chance of success to selling to a former customer, whereas a mere 5-20% chance of success in case of a new potential customer.
Lost customers have shown interest in your product or services. Therefore, they are much better prospects than random leads. They also know your products and services. All you need to do is to create custom offers to win them back. With an efficient call center partner like Ameridial, winning back lost customers can be a lot easier.
These are some areas where you can improve your customer retention using an experienced call center partner. For more information on how we can improve your business revenue with our extensive range of call center services, contact us today!