By Sam Maka, via ChurnZero's Blog.
If you want your business to be successful in the long run, it pays to give priority to customer retention. Landing a customer who will pay for life is like hitting the jackpot. After all, it takes five times more effort to land a new customer than to retain an old one.
But loyal customers don’t just appear out of thin air. It takes a lot of time and effort to do so. So, let’s take a look at the best customer retention strategies that can help you hold on to your most-prized assets.
1. Keep an Eye on the Churn Rate
Churn rate refers to the number of customers that leave your company over a given period. But that does not mean that it happens out of the blue. If you pay close attention, it is very much possible to detect churn in advance. You will then be able to take preventive measures against it. To be able to do so, keep an eye out for the following customer variables:
- Purchase patterns of customers over a certain period.
- Relevant metrics related to product usage.
- History of customer service inquiries of the products.