Churn, also known as customer attrition or turnover, measures how many customers a business loses over a given period. A company is doing something wrong if many customers defect to the competition each month. Calculating churn is an excellent preliminary way to determine your customers' loyalty. Still, no number of tables filled with customer attrition rates will tell you why customers are leaving or how you can encourage them to stay. Keeping customer attrition down is a top priority for any business, given that loyal customers are 5x more likely to buy again. Considering how much time, effort, and money goes into gaining customers, businesses need and deserve analytical tools beyond the quantitative what to allow them to identify the underlying issues driving away the clientele. Here are 3 top tips to help you fight churn and keep customer churn at bay.
Key Fact: It costs 5x to 25x more to acquire a new customer than to keep an existing one.
First Impression Is Everything
An excellent first impression is vital, whether on a date or heading for a job interview; the same applies to business interactions. CX issues such as poor loading times, JS, and formatting errors will likely discourage potential customers from making purchases. Experts claim that the customer's first interaction lays the foundation for a long-term relationship. Therefore, having a flawless CX is critical to reducing churn.
Fortunately, Auryc is here to help. The Heatmaps feature provides a visual representation of user interactions on your website. They allow you to determine where visitors are clicking, how far they scroll, and how they interact with your content. This powerful tool helps you polish your customer experience by learning how customers interact with your website, reducing the likelihood of them leaving to competition. When paired with Auryc’s Session Replays, the results are spectacular. Instead of digging through session logs and needlessly watching hundreds of replays, Session Replays allow you to spot instances where a customer has displayed poor customer experience: rage clicks, frequent refreshing, and random scrolling. In addition, its easy-to-understand interface allows you to diagnose and reproduce CX issues that impact loyalty, conversions, and ROI quickly, then fix the issue soon.
Customer Dissatisfaction? Listen To Them
Little to say, unhappy customers are unlikely to stick around, and any business aims to keep them happy and loyal. However, the truth is that dissatisfied customers are inevitable; about 91% of unhappy customers leave without a whisper, and 96% of them won’t complain. Listening to these complaints allows you to create a customer-centric product, but more importantly, you can gather valuable feedback directly from the source.
Key Fact: 32% of customers said they’d stop doing business with a brand after just one negative experience.
Gathering important feedback has never been easier with instant feedback. No more navigating endless links to the support page to submit a review. By blending the feedback and browsing experiences, leaving comments and ratings is encouraged by being accessible on any site page. Instant feedback fits in perfectly with the remainder of Auryc’s Voice of Customer solution. Our product can rapidly build and launch surveys and collect feedback via CSAT, CES, NPS, Star Rating, and Keyword Sentiment analysis. You can then use the qualitative information collected via VoC in tandem with Heatmaps and Session Replays to pinpoint specific CX hiccups.
Prioritize & Optimize Customer Journeys
Teams are stretched thin in resources now more than ever, so prioritizing and solving the issues that are losing you the most revenue will likely increase your business’ performance. Again, Auryc has got you covered. The insights generated by Auryc give you actionable metrics that allow you to build a growth plan in no time. By saving you and your team time in the analysis stage, you can focus on implementing changes to improve customer retention. Auryc’s Customer Path Analysis shows how customers navigate your site. At the same time, Smart Funnels gives you a page-by-page analysis of where and why customers fail to convert, made hassle-free by its no-code analytics. By comparing different funnels, you can identify how customers travel their journey with you, from start to finish, allowing your team to target the issues affecting the most lucrative funnels. By frying the biggest fish first, you improve your churn numbers in the most effective way possible.
Unlocking the “Why”
Reducing churn requires you to dig deeper than quantitative data. To make a meaningful impact on your customer attrition, you need to be equipped with all the relevant qualitative information to create informed action plans, and Auryc is the perfect solution.
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