What does churn mean?

Wow, can’t believe it, we’re well into Feb already!

Here’s a question for you: ‘What does churn mean?’

It’s something we were asked at a recent event. It’s quite a big topic at the moment and it’s one of those marketing terms that we (as marketing peeps) take for granted and assume everyone knows what it is. And we all know assuming is never a good idea. So, here’s our take on what churn is.

Churn: it's when your customers jump ship and say goodbye to your business for greener pastures.

And let's face it, nobody wants that to happen. So, here are a few suggestions to help:

Prioritise customer satisfaction: Keeping customers happy should always be a top priority. Respond promptly to their concerns, ask for feedback and use it to improve your products and services, and ensure that your customer service is excellent.

Offer loyalty perks: Can you encourage customers to stay by offering a loyalty program with exclusive perks and discounts? Doesn’t work for every business but it can help build a strong emotional connection with your brand.

Keep communication lines open: Regular communication helps to build trust and engagement. Use email, social media, and other channels to stay in touch and provide valuable content and offers.

Provide top-notch customer support: Make sure your customers have access to the information and assistance they need when they need it.

Personalise your approach: Personalising your marketing efforts based on customer behaviour and utilising your customer data can make your customers feel valued and special. Understanding why customers leave is key to preventing it.

Reducing customer churn is critical to the success of any business. And we all know that acquiring new customers is a lot more expensive than keeping the existing ones.

By making your customers happy and knowing what makes them tick can reduce churn and build those long-term customer relationships.

How do you prevent churn in your business? We’d love to know.

And if you want to know more, just drop us marketing peeps an email or give us a call.