Businesses only need to look at the lifetime value of its customers who are susceptible to churning, to understand how much revenue is at risk. Customer Radar ran research to identity that number is typically 25% of a business’s customer base. Reducing that number even by one percentage point can make a significant impact on revenue (and margin as the cost acquisition for new customers is typically much higher than the cost of retention activities). So how can we help business increase retention?
Out the outset of our projects, we facilitate workshops to hear from all stakeholders in a business (including customers) to understand what their pain points are and what the ideal customer journey should be. Once the project launches, we schedule regular reviews to improve outcomes and experiences.
Customer loyalty increases as customers receive greater and greater value from your business. And as data is the new gold, we offer data enhancing services to help standardise records, increase positive outcomes, and ultimately enable businesses to maximise ROI from its initiatives.
How can businesses hold on to more of their customers? Using digital employees to stay open 24/7, answer all queries promptly, and always provide high-quality customer experiences. Powered by AI, machine learning, and other digital tools, digital employees let businesses scale their operations while retaining excellent service.