Let’s be honest – no one wants to lose customers. In fact, high customer churn rates are the absolute worst nightmare of just about every webshop owner. Interestingly enough, the reason these churn rates get so high in the first place is because these same webshop owners are unable to locate or identify the source of the problem. This is a huge mistake to be making – especially when we look at the figures. According to the book Marketing Metrics, ‘the probability of selling to a new prospect falls anywhere between 5 and 20% whereas the probability of selling to an existing customer is somewhere between 60 and 70%’! So what can your company do to get back on track and start reducing customer churn?
https://mopinion.com/lower-customer-churn-rates-digital-feedback/
This article dives into the different ways in which webshop owners can leverage online feedback to reduce customer churn, including tips on where to collect feedback, the importance of collecting feedback in the checkout process and lastly, closing the feedback loop.
https://www.lightspeedhq.com/blog/2018/07/how-to-reduce-customer-churn-with-online-feedback/#ecommerce+retail/
So you’ve successfully made a sale by converting a lead into a customer. Both you and the customer are happy. But, suddenly this customer decides to cancel the subscription and stop using your product after only a couple weeks. What happened? Where did things go wrong?
This is a common problem many online businesses encounter. Customer retention is just as important as generating leads and sale. Especially for SaaS businesses that sell subscription-based services and products.
https://www.entrepreneur.com/article/308383/
