I was recently speaking with a friend of mine who works in sales at a large corporate business about customer churn management software.
We were chatting about the market and discussing how his business was performing in the current economic environment. Business was good, and as such, he began to give me a sale-by-sale description of what he’d achieved over the previous month.
No names. No mention of projects. No description whatsoever of the nature of each sale and the role he and his company played in the provision of solutions to the clients he’d sold to. No problem, right?
Possibly. But why don’t we celebrate the growth and longevity of existing customers as much as we seem to celebrate the ‘here and now’ sale? From a cultural perspective, are we encouraging sales staff to focus too much on moving product rather than moving customers to want to join your organization and stay for the long haul? And, how do we even begin to measure that?
Customer Churn Management Software
Measuring customer longevity is a relatively simple thing to do. Now, however, we can also accurately measure customer retention in a simple, but sophisticated way.
Customer churn management software uses machine learning algorithms that analyze the behavioral patterns in your customer data to determine the probability of a customer leaving you, before they actually do. This gives you a fighting chance of retaining that customer and enhancing your message/offer to them. In turn, management can then get a clearer picture of the customer retention score across the business.
Management is now able recognize and reward sales staff for the balance between producing today’s sale versus managing the lifetime longevity of a customer.
After all, surely a customer for life is far better than a one off sale.