Has your business seen a spike in customer attrition? With so many consumers in lockdown or worrying about future finances, it's led many to start thinking about their existing contracts, subscriptions, policies and accounts. Many businesses have seen a rise in phone calls asking about changing or cancelling services, leading to a rise in attrition.
While the current climate may be highlighting the retention issue, for many businesses it was already a problem. The good news is you can make a significant positive impact on retention, and the technology to do it has been recognized by Forrester Research as a Leader for its usability.
Using leading journey orchestration and journey analytics technology, our clients retain more customers both in the long term and during an immediate crisis. Here are three ways to keep more customers and enhance your customer experience.
1. Spotting attrition
So many times, the first warning a company gets about a customer's intentions is when it's too late to make an intervention. If you could spot these customers before they left, you'd have a chance to make them an offer to stay.
With Real-Time CX you can connect to your existing touchpoints and tech, then listen for early leave behavior. As your customer gives clues they might be leaving—such as hitting a terms and conditions page, or making but abandoning calls—the technology can be ready to respond in true real time with an appropriate action.
2. Personalized recommendations
All your customers are different, so why do some retention programs treat them the same? Surely it makes sense to understand their likelihood to leave, value to your business, and the channels they prefer, as well as the messages that will encourage them to stay.
If you've got this insight to hand, Real-Time CX uses this knowledge to deliver personalized and relevant messages across every channel. If you haven't, we can still help. Together we can create and deploy models, then use machine learning to automatically test and roll out recommendations which work the best. All the customer sees is more relevant messaging—whether you are sending outbound communications, or they are choosing to contact you.
3. Digitally enabled retention
One big challenge is to keep customers, but through the right channels to manage costs where possible. You'd probably rather switch customers away from expensive channels such as call centers to digital channels, if you could get the same positive outcome.
By understanding your most valuable customers and segments, you can direct those with a propensity to self-serve to your digital channels. For those whose first stop is the call center, you can use Real-Time CX to interact with your IVR system to try to switch people to self-complete, even pushing tailored content to an app, or a personalized URL in an SMS.
Obviously getting the balance right here is vital. After all, as well as the cost to serve, you always want to optimize your retention rate.
We can help your retention challenge. One of our clients improved retention by 22% in their most valuable customer segments, keeping an additional $10.03 million in retained revenue. They also delivered a 200% uplift in digital engagement while reducing inbound call volumes by 50%.
Tackle your retention challenge
Talk to our team about spotting attrition early and keeping more of your most valuable customers.
