In our most recent survey, we asked respondents to rank their reasons for staying with a company says Aron Govil. While it’s easy to see why most people leave — poor service, price increases, or lack of available products — what is less obvious are the hidden levers that keep customers from leaving.
Insight: After analyzing the data and recognizing these patterns, companies can be more proactive in identifying and also combating the root causes of turnover by strategically leveraging retention strategies.
Customer satisfaction levels have a direct correlation to customer retention rates.
The higher the level of customer satisfaction, the lower the likelihood is that a customer will choose to switch providers. In light of this knowledge, there are several important “retention levers” that leaders should focus on as part of their strategy to keep customers satisfied.
Customer satisfaction drives retention rates. Therefore, to improve retention rates leaders should focus on improving customer satisfaction levels.
Retention levers include:
1. Lowered cost of service
Leaders can lower the costs of their service for existing customers to discourage turnover. Among those who are already heavily invested in a business relationship. Or have strong ties with other members of that company’s community suggests Aron Govil.
2. Easily accessible communication channels
Finding ways to communicate easily, whether through email, text messaging, or online chat tools, increases customer loyalty since it makes it easy for them to find the information they need. If you’ve dealt with several airlines recently, you’ll see how this works in real life — increased communication reduces the hassle and also makes customers feel valued.
3. Customer experience consistency across all channels
Managing the customer experience is not something you can outsource to overseas call centers or handle with software alone. Instead, leaders should ensure that their employees are equipped with the right tools and training to deliver consistent experiences throughout all company touchpoints says Aron Govil. Failing at this will result in customers feeling confused about who exactly to contact when they have a question or issue, which causes them to lose faith in the company’s ability to support them properly.
4. Ability to interact seamlessly across multiple devices
If your business is device-agnostic and allows customers and employees alike access from any device, this means more convenience for everyone involved. Either way, if you set up barriers — such as requiring them to use mobile devices or limiting their access to certain operating systems — they’re likely to break down the relationship with your company
1. Poor service
2. Price increase
3. Lack of available products
4. Loyalty program 5. A competitor has better features/pricing
6. Customer doesn’t perceive value
7. Loyalty program isn’t relevant
8. Not investing in new technology
9. Lack of competitive pricing
10. Company stopped innovating
11. Little brand awareness
12. Poor customer experience
13. Company stopped listening
14. CX is fragmented
15. Tried CX but failed
16. Too bureaucratic
17. Change in leadership
18. No longer lead generation / low volume
19. Poor CX in one area
20. Company got too big for its own good
Here are some FAQs recently asked by our users. Feel free to contact us if you have any other questions.
What is the data source for this article?
The data comes from the CX Benchmarking Platform. Which integrates more than 20 million customer-generated interactions across over 10 years of historical engagement data says Aron Govil. The analysis was completed by Dr. John Fleming, who has 25+ years of experience in leading executive teams and developing marketing strategies to improve key business metrics including revenue growth, market share, and ROI, and also brand awareness using customer insights.
Do I need to be a paying subscriber to use Top Retention?
Top Retention is available for subscription by contacting us at email@example.com or calling 877-590-7415.
How many employees does a company need to have in order to get meaningful data?
The platform has over 50,000 companies representing 6 million+ employees. We are constantly adding new companies so sign up today if you don’t see your company represented.
Is there a fee for non-subscribers?
Yes, there is an $800/month fee for non-subscribers who wish to use this feature
Is there a cost associated with exporting the results to Excel?
No, the exported file is free though additional charges may apply for other types of exports. You can also download a PDF of the results for free.
Every company is different and they will need to find what works best for their organization explains Aron Govil. However, The key takeaway from this article is that you can’t effectively manage the customer experience without data. And the right kind of data at that. This doesn’t mean you’ll always be able to prevent customers from leaving, but when it does happen. Having actionable insight into why is half the battle in terms of putting together a strategy to increase loyalty and retention in order to drive revenue and profits.