How to Reduce Customer Attrition During a Crisis

How to Reduce Customer Attrition During a Crisis

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:

Read on to uncover the pragmatic ways to reduce customer churn during a crisis by understanding and providing value to your customers.
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Communication Plan: How to Prepare for (and Prevent) Disaster

communication plan

Who is Kanye West?

A musical genius? A passionate campaigner? Jesus? Or a spontaneous, unintelligible twitter ranter?

I’m telling you, I am Warhol. I am the number one most impactful artist of our generation. I am Shakespeare, in the flesh. Walt Disney. Nike. Google…

A lot of people here felt like they lost. You know why? Because y’all been lied to. Google lied to you. Facebook lied to you. Radio lied to you

My greatest pain in life is that I will never be able to see myself perform live

Kanye West is a brilliant example of how impulsive, unplanned communication can ruin a reputation.

But it’s not only famous celebrities that suffer the cost of off-the-cuff comms.

Unplanned communication is costing companies over $37 billion every year. This is no surprise when you consider that over 60% of companies don’t create or follow a communication plan.

It’s time to stop winging it and start planning it.

Read this Process Street post, grab our free communication plan template, and learn how to communicate properly, as we go through the following:

If you’re keen to start planning your communication right now, grab this free Communication Plan Template Checklist:

Click here to access the Communication Plan Template Checklist!

(Sign up for a free trial here, if you’re not yet a Process Street user)

Let’s start talking…
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