This is a guest post by Brayn Wills, the current Knowledge Management Specialist at ProProfs knowledge base. He is responsible for creating unique and relevant content on the knowledge base and keeping track of the latest developments in the realm of knowledge management. In his free time, he is either reading a new book or exploring offbeat destinations.
When a crisis strikes, it brings along daunting challenges that require businesses to reevaluate their strategies. One such significant challenge is customer churn. It can impact a business drastically if left unchecked.
Statistics show that, on average, most companies experience a monthly churn rate of 7.5%. If left unchecked, this can be catastrophic for a company’s bottom line.
A rapidly shrinking customer base means reduced profits that can have a severe impact on an organization, especially during a crisis. What’s more, crisis situations tend to exacerbate the root causes of churn, meaning businesses need to be extra responsive and attentive to their customers during these times.
While you cannot prevent all customers from leaving your company, you certainly can take concrete steps to keep customer churn in control.
In this post for Process Street, I will cover:
- What is customer attrition?
- Customer expectations and mindset during a crisis
- 6 Effective ways to reduce customer attrition
- How to provide extra value to customers during a crisis
- Move beyond promotion to meet customer expectations
- Customer retention solutions with Process Street
Read on to uncover the pragmatic ways to reduce customer churn during a crisis by understanding and providing value to your customers.