The rate at which customers leave a business offset by the rate that new customers join is described as churn or attrition. It’s a costly process.
The cost of attracting new customers vastly outweighs the cost of keeping them, so not to lose them in the first place is the goal. In developing a customer retention strategy, it is vital to understand what triggers churn in the first place. Many studies have shown that poor customer experience is top of the list and it comes in many forms. A poor experience when onboarding will cost not only the new customer account, but brand damage as the poor experience spreads through social media, compounding the loss.
Poor communication leaving customers with more questions than answers will also trigger losses. The solution is in a personalised, relevant experience which works across all channels, is seamless and easy. Once friction points enter the system that leave customers struggling, they quickly fall out of love with your brand and actively look for change.
Understanding customer pain points and addressing them effectively is the way forward. OpusCX provides two-way multi-channel communication, using clearly defined messaging tailored for the customer.