Turn Churn into Value and Maximise Your Customer Value Management
It is a well-known fact that it is much cheaper to retain an existing customer than acquire a new one. However, in a demanding and fickle market, where one tariff change or negative customer service interaction could lose you a customer, how can operators keep your customers engaged, satisfied, and most importantly spending on their networks?
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This is probably the biggest challenge facing operators today, especially in the competitive European marketplace, where the current economic climate is such that customers are less willing to spend.
So, if a ‘valuable’ customer is at risk of churning, what can operators do to prevent this and continue driving revenue?
As you can see, customer value management can be a complex decision-making process. In order to achieve maximum profitability; operators must carefully mine their data and ensure they send out the most relevant targeted communications to their customer base, whilst driving efficiency and reducing costs across their business. They must also ensure they keep up with modern trends, in order to “catch their customers young” and develop lifelong relationships – the use of new social marketing methods will be key to this.
Often operators turn to building trust, capitalising on the rise of social media and the effects of digitalisation, however with the entire industry claiming to be innovating and managing churn in new and exciting ways, it can be difficult to understand the value add of the strategies put in place.
This article will focus on the strategies network operators are currently using to stop at-risk customers from churning. Analysing where the possible fall out points for your customers are, CX Network provides insight on the ways churn can be best avoided by using the current trends that have been implemented by your peers to continue driving revenue.