Let’s be honest – no one wants to lose customers. In fact, high customer churn rates are the absolute worst nightmare of just about every webshop owner. Interestingly enough, the reason these churn rates get so high in the first place is because these same webshop owners are unable to locate or identify the source of the problem. This is a huge mistake to be making – especially when we look at the figures. According to the book Marketing Metrics, ‘the probability of selling to a new prospect falls anywhere between 5 and 20% whereas the probability of selling to an existing customer is somewhere between 60 and 70%’! So what can your company do to get back on track and start reducing customer churn?
https://mopinion.com/lower-customer-churn-rates-digital-feedback/
he customer feedback loop is the practice of responding to customers meaningfully when they leave feedback. For example, if a customer complains about being overcharged, the company may respond with an apology and issue a refund.
But not all feedback is customer complaints. Customers also leave feedback when they have a particularly memorable experience. Or they may have suggestions for improvements or feature requests.
What many companies don’t realize is that they can turn this feedback into revenue.
Here, we will first discuss why closing the loop is important, then provide three examples of how to grow your business thanks to customer feedback, and finally explain how to implement something like this in real life, using technology!
http://customerthink.com/3-ways-to-close-the-customer-feedback-loop-to-prevent-churn-and-increase-revenue/
A high customer churn rate is a fear almost every online store owner shares. After all, customer churn is one of the most critical strategy battlefields in the competition for gaining and maintaining online customers. Surprisingly, churn often stems from visitors who struggle with something but fail to report their complaints and end up looking elsewhere. In other words, they dodge any sort of confrontation. These kinds of visitors are what we like to call ‘silent churners’ and happen to be the vast majority of online visitors.
So why don’t these visitors speak up and voice their opinion? Well, try putting yourself in their shoes. You are faced with a couple of options. Either send an email with your complaint and wait a few days (or longer) for a response or start looking for an alternative option to satisfy their needs. I think we can all agree that the latter is much more attractive. Not only is it easier to keep looking but it’s also much faster.
https://medium.com/@LightspeedHQ/how-to-reduce-customer-churn-with-online-feedback-3568b704df80/
Putting customer feedback to work in your business means having well-defined frameworks for capturing, cataloging and analyzing input from your users. Effectively handling customer feedback is a vital ingredient in reducing churn for subscription businesses.
https://blog.chartmogul.com/6-fundamental-questions-improving-customer-feedback/
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