The Easiest Way to Drop Your Churn Rate
Churn rate is something that not many businesses are familiar with when they first decide to get into business. However, they quickly figure out just how important understanding churn rate is.
There is no such thing as a business that keeps all of the customers that it acquires forever, that simply is not within the bounds of reality. All businesses, no matter how good they are, will lose a certain amount of customers over time. This is their churn rate.
The higher the churn rate, the more customers are leaving the business for various reasons. If your churn rate is high enough or out of control, it could mean the end of your business.
However, there is light at the end of the tunnel, and there are things that you can do to effectively drop your churn rates, and keep your business in the black.
The Easiest Way to Drop Your Churn Rate
There are a number of methods that you can employ right away that will effectively drop your churn rates. We recommend starting with these easy ways to drop your churn rates:
Find out why customers are leaving (churn rate)
While this may sound obvious to some, it’s actually rather important to first establish why your customers are leaving in the first place. A recent survey found that more than half of the customers that leave a business believe that the business doesn’t actually care about them.
One of the quickest and most effective ways to drop your churn rates is to simply contact your customers and have a heart to heart with them. Finding out why they left will give you tremendous insight into your services, methods or product effectiveness.
From here, it becomes a lot easier to either improve your product, refocus your product for the right target market, improve your services, improve your engagement with your customers, and provide the necessary incentives for retention or reactivation.
Turning Churn into Return
Get in touch with your players directly. Give them a call on the phone to find out more about their preferences and how you can improve their experience, just for them. This more personalised approach will win you brownie points for caring and let the individual player know that you value them and you want to tell them!
At Enteractive, we see our Reactivation call campaigns convert 15% upwards of dormant player databases for our operator partners, highlighting that if you give you players a call, you can really make a difference to your revenues.
Find out more about Player Reactivation in our articles section or get in touch with Andrew Foster, Director of our B2B team, andrew.foster@enteractive.se
