Listings in Churn management

Churn management is the process of developing and implementing strategies to control customer churn rates. In business, customer churn rate is an important metric that provides valuable insights into the performance of a company. A high churn rate is dreaded, particularly because it is cheaper to keep old customers than to acquire new ones. Hence, a high customer churn rate has serious long-term financial implications. Therefore, churn management is crucial for every business. Churn management requires interdepartmental collaboration to be successful. For example, while the marketing team is developing campaigns to win back the lost customers, the customer care team can attempt to reach out to these customers individually. By gathering feedback and deploying analytical tools, companies can uncover the reasons for churn. Subsequently, sound strategies can be implemented to reacquire old customers and prevent further churn. By doing this, there can be an improvement in products and services and an increase in return on investments.