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Reduce Churn Using Customer Success

Nowadays, it is very important for businesses to focus on a customer-centric approach to maintain their foothold in the industry. The condition is very unpredictable right now, if you don't focus on your customer now then they will disappear in a blink of an eye. According to a report, the estimated cost of people switching to other brands due to poor customer service is $1.6 trillion per year! Businesses can proactively provide solutions to customer problems and increase loyalty with the help of customer success. Customer Success is a long term scientific method to ensure that your customers are happy and satisfied with your product or service at all times. Recent study found out that 68% of sales come from customer retention hence reducing churn is vital for all types of business.

How Customer Success helps in reducing churn?

Making your customers happy is the best way to stop churning. The primary focus on generating customer success is to find out the problems that are arousing in your customer’s mind & working accordingly to satisfy them. Customer success is the best way to fulfil the desires of your customers and create visibility in the market.

There are many ways from which you can earn customer success and some of them are as follows:

Analyze your customer experience/exposure

Customer experience is the key to a success business. According to a study, people are willing to pay more just for a better experience. Businesses are taking the help of technology to engage with their customers. They are coming up with activities that are more focused on engaging with all their senses. ASMR is the most talked about activity in the market at the moment, if you want to engage with your customers’ senses. It is the best digital way to show your customers how tempting your product is. Apart from customer senses, knowing them & providing personalized experiences to them can really help in earning customer success.

Provide value to your customers

The best way to earn Customer success is to provide value to your customers to get value in return. Customers are not looking for a good product. The thing what your customer is really looking for is a great experience so providing value is not just important, it is essential. It requires attention to detail so that you can present an extraordinary product in front of the customer.

Strategize for customer retention

Giving your customers something to look forward to is the best retention strategy. Trust is the best element you can add in to your customer retention strategy. You can sell literally anything when there is trust in the relationship but you have to stay updated about your customers’ likes and dislikes and design your product accordingly. Improving Key performance indicators (KPIs) with the help of customer service and making the best use of your one-on-one interactions can help in customer retention. Apart from all this, leveraging on customer feedback and improving your performance can be super helpful as well.

Leveraging on AI

Businesses are benefiting from artificial intelligence like no other! Infact, it has completely transformed the workplace. It has impacted customer experience in so many ways, be it by increasing productivity or by providing an unexpected solution to a problem. Artificial intelligence has made everyone’s work much easier and brought convenience in the best possible way. If you do not have anyone to talk to, artificial intelligence has the perfect solution to it in the form of virtual assistants. Siri, Crotona and many other artificial intelligence assistants are now a new entertainment for the customers. It is fulfilling the needs of all customers, by performing a variety of tasks after a hearing wake word or command.

 

Conclusion

How to make customers your long term advocates? The million-dollar question! The answer is in front of us - we have examples of many renowned brands who are on top of their game & cashing in with the help of their loyal customers even during a pandemic. The main point of customer success is all about earning the trust of the customers. Customer centric companies are 60% more profitable as compared to those that aren’t. According to a study, customer success helps in generating 80% of the revenue hence, satisfying your customers today is necessary to gain them as your brand advocates in the future.

 

Officer, Employer Branding

Syeda Kanza Ali

Ibex. Pakistan

life @ ibex.

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