Control Your Customer Retention Rate
Customer retention has a direct effect on revenues. Since it costs much less to sell to a current customer than it does to acquire a new customer, the company that manages its customer retention rate usually comes out ahead.
By setting a level of customer service that you can consistently exceed, you position your company to retain its best customers. The key is to manage your customer retention easily and in real time so that you are aware of how your customer service is functioning.
LeadPath’s Customer Retention Management makes tracking and managing customer retention rates intuitive and simple. A single dashboard allows you to see the percentage of customers who have defected and helps you pinpoint ways to increase your customer loyalty and decrease turnover.
When you have the information at your fingertips, managing customer retention rates is easy and gives you the valuable insight you need to strengthen your customer service responsibilities.
Benefits of Customer Retention Management
- Increased revenues. It is well known that increasing your customer retention rates by 5% can lead to a 95% increase in revenues over the lifetime of a customer. It makes sense that you would manage your customer retention as closely as you manage your new customer acquisition process. With close management, you can identify issues before they become full-blown problems and make changes in real time to increase customer loyalty.
- Pinpoint reasons for churn. When you have data at your fingertips, you can identify trends and patterns that are leading to customer churn. This gives you an immediate alert that changes need to be made quickly to stop or reverse churn. It will cost much less money to attack a problem at the beginning than to wait until it grows into something unmanageable.
- Identify multiple variables. There is no one single magic solution to manage customer churn because there are invariably multiple root causes that need to be identified. LeadPath’s Customer Retention Management program allows you to track where your customer retention process is breaking down in real time, and quickly identify the ways in which you need to address your customer’s concerns.
- Manage your customer’s delight. When you exceed your customer’s expectations, you’ll notice it in your customer retention numbers. By consistently exceeding expectations, you gain precious customer loyalty. And customers who are delighted are much less likely to be wooed away by a competitor. You can manage your customer’s level of satisfaction through LeadPath’s Customer Retention Management module that gives you hard data so that you can recognize what is working and what needs fixed.
- Manage customer reviews in real time. With the Customer Retention Management module, you’ll have instant access to customer reviews so that you can mitigate damage in real time. When you respond quickly to customer complaints, you increase the likelihood of turning a disgruntled customer into a delighted one through excellent customer service.
- Make Customer Retention a process. Using LeadPath’s Customer Retention Management functions, you can identify a process that leads to a delighted customer experience, and that process can then be duplicated for your other customers, increasing your retention rates. By making customer retention a process, it is easy to measure each step along the way to ensure that nothing slips through the cracks.
Companies that have a dedicated process and strategy to manage customer retention practices come out ahead. Not only does customer satisfaction increase, but your bottom line will, too.
Call LeadPath today to schedule your free demo to see how Customer Retention Management can put you several steps ahead of your competition.