The Definitive Guide to Churn Reduction
The pandemic has made one thing crystal clear: a growth machine focused on a customer acquisition mindset cannot be sustained in times of crisis, especially when acquiring new customers has become increasingly challenging.
Rapid saturation of sales and marketing content has made it easier than ever for customers to take their business elsewhere. This paired with increasing competition, even in niche markets, has led to excessive customer churn.
Churn reduction forms the foundation for revenue growth, given that the probability of selling to an existing customer is 60-70% as opposed to 5-20% for a new customer. Customer loyalty is then imperative in ensuring satisfaction and long-term retention.
However, your customer churn reduction strategy cannot just consist of sporadic emails or calls at each renewal point. This guide delves into the various facets of an effective churn reduction strategy to foster lasting customer relationships and ensure sustainable growth.
Various types of churn
Key reasons contributing to higher churn rates
Strategies to reduce customer churn
Benefits of outsourcing churn reduction
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