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Churn rate is a problem that a lot of companies face, irrespective of the industry. Knowing that it costs 5x more to acquire new customers than it is to retain your existing ones – it’s a massive growth inhibitor.
How do you define churn? It’s the percentage of customers who stopped using your product or service within a certain timeframe. It can be calculated by dividing the number of your lost customers by the number of your acquired customers during a chosen time period.
If your goal is to grow your business, then reducing churn should be your number one priority. Here are Powerful Tactics to Win Your Fight with Customer Churn.
A lot of businesses fail to reduce their churn rate, as they don’t know why their customers churn in the first place. Finding out why your customer decided to leave you comes down to asking the right survey questions. Easier said than done? Not if you use a survey tool like Survicate!
We’re even going to give you a ready to use a template, so you don’t have to struggle with coming up with the right questions, all you have to do is put it to good use.
How will this survey benefit me?
Identifying your churn reasons will allow you to come up with the right churn reduction strategies and as a result, speed up your business growth. Getting customer feedback will also help you improve your product for the future.
You know what they say – make hay while the sun shines. Try to send out your churn reason survey immediately after your customer leaves you, this increases your chances of getting a response.
If you postpone your survey, the customer might not remember why they churned and could lack the motivation to answer your survey. Here are some of the questions you can use:
Why did you decide to cancel your subscription?
This question allows you to identify the main churn reason which you can further explore using follow-up questions.
After you gather your data you can easily analyze it by visualizing your results. Survicate has a built-in analytics tool that will help you quickly understand your answers, you can also export the data to Excel or Google Sheets.
Don’t forget to share the findings with your team, there might be feedback which they can benefit from. Churn reduction is a team sport and is not limited to any specific department.
Free plan available. 100 free survey responses included every month!
.Keep track of audience satisfaction and excel at customer experience.
.Make sure using your service is easy as one-two-three.
.Make sure you provide a superb customer service experience.