9 Tactics to Reduce Your Customer Churn - Number 7 Is Often Overlooked!

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    19-Jun-2015

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Many businesses struggle with their customer churn. It eats away at the core of a strong business and can quickly cripple it if left unchecked. You simply can't afford to let this happen to your own company. By properly assessing your own digital assets within the context of reducing your customer churn you can begin to take the first steps towards lowering your churn rate permanently and growing your company beyond your wildest dreams.

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  • 1. Presenting MEDIA Wizardz 9 Tactics to Reduce Customer Churn

2. The Problem with Customer Churn Customer Churn is the enemy, period. It reduces profits in the short-term and threatens you financial saliency in the long- term Strong product development is not enough Any informed consumer knows that it takes more than just great product design to dominate a market and achieve low churn, you must go on the offensive and get in front of these customers, on top of having a strong product. Do you have a plan for dealing with your customer churn? Recognizing which assets you can leverage for this purpose early on allows you to better position your own business for success Copyright Media Wizardz Inc. www.mediawizardz.com 3. Application of Inbound Marketing Application of Inbound Marketing principles and methodologies drives high quality leads which are already interested in the value provided by your product or service This results in higher conversion rates for your business and less time wasted on low quality leads Learning these principles opens the door to creative reinterpretation of them across all of your digital assets Resources: What is Inbound Marketing? How Inbound Marketing Can Help Reduce Customer Churn Copyright Media Wizardz Inc. www.mediawizardz.com 4. Change the Modality of Your Business Relationships Do you serve customers, clients or members? Customers are transactional, short-lived and fleeting in the greater scope of your business lifecycle Clients are personally invested sources of repeat and referral business Members are even further invested and form the backbone of any brand community Think about how you approach these relationships and change your approach if it is getting you customers and not clients/members. Build relationships, not transactions. Relationships will lead to transactions for years to come. Copyright Media Wizardz Inc. www.mediawizardz.com 5. Reward Your Evangelists Are you doing absolutely everything possible to make your happiest customers even happier? Well, why not?! These evangelists are your most important customers by far. They will spread the word of your business (and your brand) for you. 2 Specific Tactics Contextual Giveaways Give away a product to your followers that is relevant to your business or their interests. Members-Exclusive Features Develop some members-exclusive benefits or features to your product/service that are very strong but do not detract from core functionality or isolate primary users. Copyright Media Wizardz Inc. www.mediawizardz.com 6. Under Promise and Over-Service Never make promises that you cannot follow through on. Customer success and satisfaction lies at the core of all efforts to reduce customer churn. By making promises which you cannot fulfill you are actually making it impossible to achieve customer success. How do I prevent other members of my business organization from making over-inflated promises? The concept of sales and marketing alignment serves to help prevent this from ever happening. Think of it as a sort of ego check for your sales and marketing departments which prevents either of them from making claims which the other cannot execute on. Copyright Media Wizardz Inc. www.mediawizardz.com 7. Incorporating Customer Relationship Management Software This is a very strong move for any business dealing with a high lead flow, large amounts of lead velocity or one that is simply looking to scale up its lead generation and capturing efforts. These softwares primarily function to facilitate more accurate tracking of your leads, allowing for you to assess their position within your marketing/sales funnel more accurately, information which you may then execute upon. CRM Platform Reviews: 2014 Best CRM Software Comparisons and Reviews Reviews.com CRM Software Reviews What is the Best CRM Software for Startups? Copyright Media Wizardz Inc. www.mediawizardz.com 8. Email is Still King Email, even in 2014, provides a level of personalization, scalability and ROI which is very difficult to find in any single marketing channel. In the case of reducing customer churn, the emphasis should be placed on the unique mixture of scalability and personalization allowed by email. You can reach enormous lists with personalized emails with the proper software. A well-crafted email nurturing campaign can provide massive ROI for your business and work to directly reduce your customer churn A Guide to Email Marketing This is a very solid refresher for those of you who havent dealt with email marketing in a while and a great starting point for those of you new to the channel Copyright Media Wizardz Inc. www.mediawizardz.com 9. Steal Your Competitors Unhappy Clients Attacking your competitor at their weakest point, unhappy clients, can help you secure clients which can quickly become your strongest evangelists. You are quite literally going to act as their savior, creating a massively strong positive connection between this particular client and your business. This blog post is one of the best guides out there on how to go about infiltrating your competitors sphere of influence. Once youre in, its simply a matter of spotting the dissatisfied clients amongst their community and recognizing your grievances. If your business can address these grievances, maybe you should nudge this particular prospect towards your biz Copyright Media Wizardz Inc. www.mediawizardz.com 10. Build a Community Around Your Brand Building a community around your brand is one of the most effective ways of ensuring long-term viability for your business It is an invested process that takes time and resources, though. Look at how other companies have gone about this task and try to gauge which makes the most sense for your particular product/service, niche and angle. Does it make sense to go for a partnership model and work with other businesses? Is your brand/product better positioned for a B2C type of community (and if it is, which social platform)? Hint: Think outside the box...social media is hardly the only place to build your brand community (forums, Q&A boards, email newsletters...be creative!) Copyright Media Wizardz Inc. www.mediawizardz.com 11. Lets Tackle Your Churn, Together Building a community around your brand is one of the most effective ways of ensuring long-term viability for your business It is an invested process that takes time and resources, though. Look at how other companies have gone about this task and try to gauge which makes the most sense for your particular product/service, niche and angle. Does it make sense to go for a partnership model and work with other businesses? Is your brand/product better positioned for a B2C type of community (and if it is, which social platform)? Hint: Think outside the box...social media is hardly the only place to build your brand community (forums, Q&A boards, email newsletters...be creative!) Copyright Media Wizardz Inc. www.mediawizardz.com 12. The Author Building a community around your brand is one of the most effective ways of ensuring long-term viability for your business It is an invested process that takes time and resources, though. Look at how other companies have gone about this task and try to gauge which makes the most sense for your particular product/service, niche and angle. Does it make sense to go for a partnership model and work with other businesses? Is your brand/product better positioned for a B2C type of community (and if it is, which social platform)? Hint: Think outside the box...social media is hardly the only place to build your brand community (forums, Q&A boards, email newsletters...be creative!) Copyright Media Wizardz Inc. www.mediawizardz.com 13. Want to learn more about how you can reduce your customer churn? Schedule yours now Click to schedule a free 15 minute customer success coaching session with a certified inbound marketer.