Call Center Customer Retention Automation to Lower Churn
Customer Service and Call Center Consultants
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What We Can Achieve Together
Harvard Business School reports that increasing your client retention rates by 5% can increase your profits by 25-95%, due largely from the two-fold effect that existing customers spend more and require less cost to serve.
Increased Company Valuation
Bain & Company, inventors of the Net Promoter Score (NPS), performed research that found a 10% increase in preserving customers results in a 30% increase in company value.
A Better Way
Customer churn is the foe of sustained revenue growth and profits.
Even with new customers coming in, company revenues, growth, profits and valuation deteriorate when too many of those customers leave through the back door.
Retention strategies and programs improve short term revenues and create a multiplier impact to long term profit growth. Managing retention is an imperative to achieve a sustainable growth business.
In fact, for many companies, improving retention is the new business growth strategy.
Some people believe the ability to accurately predict which customers are flight risks can improve retention. Our experience with clients shows that's not really true. By the time customers show up on a churn forecast they have incurred frustrations that have accumulated and festered for quarters or years. Offering apologies or assurances at this point is generally too little too late. Knowing which customers will defect and being able to retain them are two different things.
A better approach is to use a customer churn prediction model that identifies the factors that contribute to churn, measures each factor's impact to churn, and provides prescriptive methods to fix these causes before customers appear on a flight risk report.
To shift retention reporting from a reactive report to a proactive program, Johnny Grow extends default CRM software churn reports to make them predictable and actionable.
We start with the basic performance data and enrich it with the causes of churn, the methods to reduce loss, and the KPIs that most impact revenue. These additional data points advance customer churn prediction from a static report built on lagging indicators to a prescriptive way to prevent defection.
Below is a retention dashboard screen shot of an interactive model that shows key financial impacts.
An Early Warning System to Predict and Prevent Customer Churn
Knowing why customers churn is much more powerful than knowing which customers will defect as it allows companies to fix those causes and prevent attrition before it happens. That's why we created the Johnny Grow Early Warning System. An architecture footprint of our customer retention automation suite is shown below.
This Early Warning System integrates the causes of churn, the customer requested services to avoid defection, and the measures of churn. It displays key performance indicators in a real-time retention dashboard.
It's a shift in reporting from delivering bad news too late, to delivering an operating model to prevent bad news.
Call Center Excellence is Our Business
We help clients achieve call center excellence by improving performance in ways that immediately grow revenues and profits.
Our prescriptive methods, best practices and acceleration tools bring proven techniques to achieve repeatable outcomes. Our purpose-built analytics bring real-time visibility to progress and measurable results. And our call center consultants tie it all together.
To de-risk our programs, we integrate our services with program management and stakeholder governance.
Improving B2B Customer Retention Starts Here
If you are looking to apply B2B customer retention automation to improve customer share, customer growth and customer lifetime value, we have some options.
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