9 Tactics to Reduce Your Customer Churn - Number 7 Is Often Overlooked!

Presenting

MEDIA Wizardz 9 Tactics to Reduce Customer Churn

The Problem with Customer Churn ●  Customer Churn is the enemy, period.

○  It reduces profits in the short-term and threatens you financial saliency in the long-term

●  Strong product development is not enough

○  Any informed consumer knows that it takes more than just great product design to dominate a market and achieve low churn, you must go on the offensive and get in front of these customers, on top of having a strong product.

●  Do you have a plan for dealing with your customer churn?

○  Recognizing which assets you can leverage for this purpose early on allows you to better position your own business for success

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Application of Inbound Marketing ●  Application of Inbound Marketing principles and methodologies drives high quality leads

which are already interested in the value provided by your product or service ○  This results in higher conversion rates for your business and less time wasted on low

quality leads ●  Learning these principles opens the door to creative reinterpretation of them across all of

your digital assets ●  Resources:

○  What is Inbound Marketing? ○  How Inbound Marketing Can Help Reduce Customer Churn


Change the Modality of Your Business Relationships ●  Do you serve customers, clients or members?

○  Customers are transactional, short-lived and fleeting in the greater scope of your business lifecycle

○  Clients are personally invested sources of repeat and referral business ○  Members are even further invested and form the backbone of any brand community

●  Think about how you approach these relationships and change your approach if it is

getting you customers and not clients/members. ○  Build relationships, not transactions. Relationships will lead to transactions for years

to come.


Reward Your Evangelists ●  Are you doing absolutely everything possible to make your happiest customers even

happier? ○  Well, why not?! These ‘evangelists’ are your most important customers by far. They

will spread the word of your business (and your brand) for you. ●  2 Specific Tactics

○  Contextual Giveaways ■  Give away a product to your followers that is relevant to your business or their

interests. ○  Members-Exclusive Features

■  Develop some members-exclusive benefits or features to your product/service that are very strong but do not detract from core functionality or isolate primary users.


Under Promise and Over-Service ●  Never make promises that you cannot follow through on.

○  Customer success and satisfaction lies at the core of all efforts to reduce customer churn. By making promises which you cannot fulfill you are actually making it impossible to achieve customer success.

●  How do I prevent other members of my business organization from making over-inflated

promises? ○  The concept of sales and marketing alignment serves to help prevent this from ever

happening. Think of it as a sort of ‘ego check’ for your sales and marketing departments which prevents either of them from making claims which the other cannot execute on.


Incorporating Customer Relationship Management Software ●  This is a very strong move for any business dealing with a high lead flow, large amounts

of lead velocity or one that is simply looking to scale up it’s lead generation and capturing efforts. ○  These softwares primarily function to facilitate more accurate tracking of your leads,

allowing for you to assess their position within your marketing/sales funnel more accurately, information which you may then execute upon.

●  CRM Platform Reviews:

○  2014 Best CRM Software Comparisons and Reviews ○  Reviews.com CRM Software Reviews ○  What is the Best CRM Software for Startups?


Email is Still King ●  Email, even in 2014, provides a level of personalization, scalability and ROI which is very

difficult to find in any single marketing channel. ○  In the case of reducing customer churn, the emphasis should be placed on the

unique mixture of scalability and personalization allowed by email. You can reach enormous lists with personalized emails with the proper software.

●  A well-crafted email nurturing campaign can provide massive ROI for your business and

work to directly reduce your customer churn ●  A Guide to Email Marketing

○  This is a very solid refresher for those of you who haven’t dealt with email marketing in a while and a great starting point for those of you new to the channel


Steal Your Competitors’ Unhappy Clients ●  Attacking your competitor at their weakest point, unhappy clients, can help you secure

clients which can quickly become your strongest evangelists. ○  You are quite literally going to act as their ‘savior’, creating a massively strong

positive connection between this particular client and your business. ●  This blog post is one of the best guides out there on how to go about infiltrating your

competitors’ sphere of influence. ○  Once you’re in, it’s simply a matter of spotting the dissatisfied clients amongst their

community and recognizing your grievances. ■  If your business can address these grievances, maybe you should nudge this

particular prospect towards your biz


Build a Community Around Your Brand ●  Building a community around your brand is one of the most effective ways of ensuring

long-term viability for your business ○  It is an invested process that takes time and resources, though.

●  Look at how other companies have gone about this task and try to gauge which makes the

most sense for your particular product/service, niche and angle. ○  Does it make sense to go for a partnership model and work with other businesses? Is

your brand/product better positioned for a B2C type of community (and if it is, which social platform)?

●  Hint: Think outside the box...social media is hardly the only place to build your brand

community (forums, Q&A boards, email newsletters...be creative!)


Let’s Tackle Your Churn, Together ●  Building a community around your brand is one of the most effective ways of ensuring








The Author ●  Building a community around your brand is one of the most effective ways of ensuring








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