How to Reduce Churn: Real-Time Insight
The most effective way to address and reduce churn is to focus and improve customer experience. To do this, there are three core pillars that comprise a winning customer experience strategy:
- Real-Time insight
- Frontline transformation
- Closed loop feedback
We will be looking closely at each of these three pillars in order to better explain how you can leverage these tools to reduce churn and improve your overall customer experience. Part 1 will focus on real-time insight.
Use customer feedback to better understand what customers want and change processes and services to better suit their needs. A good place to start is utilizing real-time insights. Real-time insights helps you understand the end-to-end customer experience by providing a rounded view of what your customers are experiencing across all business channels – from retail stores, call centers and the web. To collect valuable and operational insights, you need to determine what interaction points matter the most to your customers and collect feedback after these key interactions or ‘moments of truth’.
Keep in mind that insights can vary by region and churn is often affected by location conditions – centralized benchmarking allows service providers to operate across multiple countries and regional differences and determine if there are cultural factors affecting churn rates.
When it comes to gathering data, advanced technology is required to collect, monitor, and properly distribute feedback. Look out for the following capabilities when selecting a customer feedback software to work with:
- Automatic distribution of post-interaction surveys to customers based on pre-defined rules
- Analysis of completed surveys to identify keywords, sentiment and create advanced reports
- Hierarchy management to share feedback relevant to employees based on their role
- Provide in-depth reporting for executives
- Role based dashboards for different various job functions
- Be fully operational in multiple languages
- Integrated workflow to improve efficiencies and keep employees accountable
- Alerts sent to team leads or managers when negative feedback is received
- Reminders sent to employees when follow up actions are overdue
If you’re looking to reduce churn utilizing customer feedback, start with real-time insights. Don’t forget to check back for our next instalment of posts in this series – we will run through what we mean by frontline transformation and closed loop feedback and how they relate to reducing churn.