When it comes to the marketing plan for every business, reinvesting into improving your product and keeping hold of your customers should be as important as finding new customers. Otherwise, you could be wasting large amounts of time and money on bringing new customers on-board, only to find that your customers leave shortly afterwards.
Attracting new customers to your business is important, however it can cost as much as five times more money to advertise and bring a new customer on-board compared to retaining an existing one. This financial difference could be enough to make or break your business model over a period of time – however there are various ways that you can be proactive and save your customers from leaving before they press the ‘cancel subscription’ button.
One way of preventing your existing customers from leaving can be using surveys and gaining direct customer feedback. This can be done whilst they are still an active subscriber of your product, however it can also be sent to each customer who chooses to discontinue using your product. The disadvantage of this however, is that you’re being reactive – rather than proactive. Most of your responses may come from customers who have already left, meaning that you’re essentially too late and any adjustments you make to your product will only affect any new customers who join.
This process can be very manual, and also vague – because you’re trusting your customers to tell you the truth about their experience with your product. Making changes and improvements to your product based on information that may or may not be correct can be incredibly risky and does not guarantee a solution to the problem.
The alternative to this is to use churn prediction software. This software analyses your customer data and lets you know weeks, or months, in advance which of your customers are likely to leave, and why. This is incredibly important as not only are you able to see patterns within your customer base, but you’re also able to make changes and improvements to retain your customers accurately based on this information.
Churnly’s churn prediction software uses AI (Artificial Intelligence) to run through your customer data to identify the patterns which determine why a customer may leave – and then predicts which customers you are most likely to lose. This means that you’re then able to intervene, make the required changes to your product and retain your customers, enabling your business to keep revenue and grow faster.
Implementing Churnly’s churn prediction software into your business is very simple and gives you immediate access to analysis to help save your customers.