NO ONE WANTS TO LOSE CUSTOMERS
A lost customer is expensive to regain, and the damage they can do in the offboarding process can be much, much, much worse.
HOW DO YOU IDENTIFY “AT RISK” CUSTOMERS?
Typically, we sort our clients’ data by customer value and propensity to churn. We create target groups which receive specific marketing touchpoints and measure them against a control group. This tells us if we have success in holding on to these valuable customers.
LOYALTY & RETENTION MARKETING WORKS
Our approach has proven successful. In the cable industry, we (SWIRE and our client) won the industry’s top honor, the Gold Mark Award in 2010, for loyalty and retention marketing. We utilize a “big board” strategy along with a few industry secrets to achieve these results. I don’t share them publicly as that wouldn’t make much sense for our clients. But, read on.
HOW CAN WE IMPROVE LOYALTY MARKETING?
One way is voice analytics. A business alliance, Dave Patchen, of MainTrax, gave me a ring late last year and spoke of a new outsourced service he’s developed–“At Risk” Voice Analytics for marketers. I’ve asked him to share a bit about it:
“My system automatically analyzes call center recordings for specific keywords and phrases that would indicate a customer may no longer be loyal and most likely to be a “silent switcher.” This intelligence provides marketers the insight necessary to effectively reach out with retention tactics within 24 hours of the time the customer called. The measurable impact can be significant. Case in point: Working with MainTrax, one client determined that 30% of the customers who called their billing queue were “At Risk.” By extending special offers, resolving a technical issues, or by virtue of the retention effort itself, the client was able to reduce that percentage to 5%.”
- Unhappy customers can easily start the damaging Offboarding process.
- Loyalty/Retention Marketing is a key part of a customer experience plan.
- Identifying “At Risk” customers via intensive analytics works.
- Adding real-time voice analytics to a L/R plan can boost results and create even happier customers.
Happy Customers lead to Loyal Customers that turn into Brand Advocates.
WANT TO KNOW THE SECRET?
*This case study is only available to cable marketers and non-competing industries.