What strategies work to reduce customer churn?
Gaurav Goyal
37 replies
Please share things you have done/read/seem to be working.
Replies
Anshaj Goyal@anshaj_goyal
One effective strategy to reduce customer churn is to provide personalized customer experiences. This can be done by understanding customer needs, preferences, and behaviors, and then tailoring messaging, products, and services to meet those needs. Additionally, offering incentives such as loyalty programs and discounts can help to keep customers engaged and incentivize them to stay. Finally, providing excellent customer service and timely responses to customer inquiries can help to foster relationships and ensure that customers remain loyal to your brand.
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@anshaj_goyal Which one have you seen yielding better results?
@gauravgoyal_gg Depends on the stage at which product is, I've seen more personalised and custom tailored products keep up more with customers.
The only way is repeated and fruitful customer engagement where you really understand the needs and address them
@murali_aasaan Yeah. How do you engage customers?
@gauravgoyal_gg we have dedicated account managers who are in constant touch every week with our subscribers, we r proactive than reacitve
analyse user behaviour and if it helps , provide some of customization in your product is your product allow, or improve the usability as per the analysis.
Focus on the quality of your product!
Launching soon!
Think about how to make your product sticky. While a lot of peripheral things help, at the core, what makes your product indispensable?
@mjain_mayank Fair, and this is a tough one to do :)
Promise less and deliver more.
The problem with a lot of products these days is that they promise the world to their customers and deliver a small piece of land at the end.
I feel if we start promising less and delivering more, it might just eliminate churn altogether.
For those who are facing this problem, identifying the reasons behind customer churn and addressing them in the most effective way has worked for brands like OptinMonster, Usersnap, Groove, HubSpot in the past.
More often than not, the reason for churn is the customer does not feel they are getting the promised value from the product.
A few areas that can help:
1. User onboarding
2. Product UI/UX
3. Product utility in solving problems
4. Product learning curve
@gauravgoyal_gg Such as offering coupons and free trials regularly.
Each case is going to be unique.
To find out, I'd have customers take an exit survey or prompt them with a survey through email if they don't use your product for a while to find out.
You could even pay them to take the survey
- Consistently highlighting the value generated by your product directly on your interface (through dashboards and notifications) as well as through email with performance reports.
- Defining KPIs to measure the usage of your product, detect users who are about to churn, and setting alerts that allow you to identify when to intervene.
- Establishing a contact, ideally human, to guide your users and help them make the best use of your product before they stop using it completely
I observed other marketing agencies,
hyper-personalized email marketing
content strategy - addressing the problem and stating the solution
It all depends on the main problem why right?
@carmela_padasas Yes. Do you have thoughts on how to find that main problem?
@gauravgoyal_gg Ask more questions, a SaaS company called me before until they get an answer from me about why I don't like their SEO tool and didn't purchase. That sound aggressive, received a lot of emails from them, too.
But here's why:
It was carefully planned. I saw things I needed from there but not complete. Also, difficult to navigate compared to other SEO, let's say, different UI designs.
Like you prefer shopping to a website with a familiar design for a comfortable experience, right?
But this is my personal experience, and I understand them as a marketer.
Hope this helps 😊
@carmela_padasas Very helpful. Thanks for your inputs.
providing personalized customer experiences and understanding customer needs, preferences, and behaviors, and services. And most important thing a responsive message when they message us for their need.
There are many strategies that can be implemented to reduce customer churn. The most important of these include: providing exceptional customer service, offering personalized experiences and engaging with customers through multiple channels, regularly measuring and monitoring customer satisfaction levels, identifying risk factors for churn within your customer base early on, and optimizing pricing models.
I think customer onboarding is the first step.
As the majority over 70% of people, SaaS companies lose after the first sign-up.
You can reengage them by:
1. Gamification
2. Asking questions
3. Onboarding email sequence
4. Connect on social (Twitter, Linkedin)
5. Change pricing
6. Dealbreaker features
7. Community
8. Education
9. Free time and give smth valuable
10. Segment and retarget.
Talking to them.
It starts with understanding why your users are churning I reckon.
In general providing exceptional customer service could help your company win over the hearts of undecided prospects and customers.
You must also be able to iterate the product fast enough so that it keeps delivering value to your customers at a price they feel is reasonable (or a bargain!) for the value delivered.
If your product has an element of virality or community make sure to keep your customers as engaged as possible too.