Hands up if you have too many customers.
I didn’t think so. Every business owner I know would love to have more customers, dedicating significant resources to sales and marketing to keep a steady flow of customers coming in. Unfortunately, even if a company has plenty of new customers signing up, that’s no good if just as many people are leaving out the back door. For some companies, their customer intake is more like a revolving door than a funnel.
The cost of acquiring a new customer is a lot higher than the cost of retaining an existing one, (typically five times higher, according to some sources), so it makes sense to keep your customer churn rate as low as possible. If you don’t, you’ll end up spending much more on sales and marketing than you have to.
But how exactly can you reduce your customer churn rate? What are the best and most effective methods? We spoke to seven experts to find out what tactics and strategies should be at the top of your list.