The churn rate of a company is defined as the rate at which it loses customers in a given period of time. It is a highly important metric for businesses that provide customer service software. It provides an insight into how well businesses can retain customers.
- Customer engagement
Reaching out to clients and getting direct feedback is one way to address churn rate related issues. It is the simplest and most straightforward way to understand why customers decide to leave.
Quality customer service
Impeccable service is an important element of customer loyalty and retention. Such customer support solution have proved to be especially useful in changing the customer’s mind in the last minute.
- Understanding each customer
It is an important skill to be able to identify and separate customers who are loyal and those at risk of churning. With the help of big data companies can closely monitor customers’ usage of a service and determine who has a higher chance of leaving.