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How To Manage Churn and Increase Retention
iReach, Feb 2007, Pages: 15
Churn measures the percentage of customers who cancel a service over a period of time, and churn is thus the most important metric for assessing a service providers customer retention efforts.
We affirm that companies can do more to reach increased revenues and reduce customer churn by understanding the context and root cause of each customer interaction.
This report examines how churn rates in contact centres must further advance to meet changing business requirements and provide customers with advanced communication and collaboration capabilities.
In 2006, we predict that many contact centres will look to the future of operating within a converged environment with integrated applications, while also addressing pressing business needs for cost-effective operation.
By leveraging captured customer interactions to mine business intelligence, we believe that contact centre management can capitalise upon conversations and initiatives that seek to improve the customer experience, increase revenue, and lower churn.
This report provides details on various retention strategies that maximise the customers life time value to benefit both the organisation and its customers.
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