Customer churn refers to the loss of clients or customers from a company's customer base. It is typically measured as the rate at which customers stop doing business with a company over a year. High customer churn rates can be an indicator of a variety of possible issues. Businesses wanting to make the most of the possibilities that each customer brings, need to implement a plan that will reduce customer turnover as much as possible. Retaining existing customers is far more cost-effective than acquiring new ones.
On average: a B2B business will lose 5% of customers each year; worse still, a B2C business will lose 7% of customers. (source: Recurly Research).
The strategies that are employed to lower the rate of customer churn may also be utilised to raise the customer's lifetime value (CLV) and encourage advocacy. Therefore, as you are raising the proportion of customers that you keep, you will also boost revenue and the number of new customers that you acquire, while simultaneously reducing the number of complaints and service issues that you receive.
A two-day workshop focused on customer retention.
What kind of business?
Any business reliant on subscriptions or repeat business.
Especially for any business haemorrhaging clients.
The business size either is, or aspiring to be, at least £2m annual turnover with 25+ employees.
Who is it for?
SME Company Directors
C-1 Management protégés
Management KTP Associates
You are probably responsible for operations, finance, customer experience, marketing, or sales.
Know what could go wrong with the processes in your back office, as well as the steps you can take to prevent or recover from those mistakes.
Obtain an understanding of the frameworks that can assist identify and avoid bad practices.
There will be nuggets of information to take away and incorporate into your organisation.
Increase customer retention. Improve customer satisfaction. Create a competitive advantage within the business resulting in increased profitability.
Understanding customer churn
- what it is, why it happens, and the impact on the business
Identifying the warning signs of customer churn
- how to recognise when a customer is at risk of leaving
- monitoring of risk factors: Service Reporting
Investigating the root causes of customer churn
- analysing customer feedback and data to determine the underlying reasons for churn
Developing a customer retention strategy
- creating a plan to proactively address and prevent customer churn
Implementing a customer retention program
- best practices and tools for putting a retention strategy into action
Measuring and monitoring customer churn
- how to track the success of a retention program
Managing and responding to customer complaints and feedback
- how to effectively manage customer concerns and complaints to prevent churn
Creating a culture of customer engagement
- how to foster a company-wide focus on customer retention
There will be exercises during the day plus an overnight 'homework'.
Bordon BASE, Barbados Road, Bordon, Hampshire, GU35 0FX.
Fareham Innovation Centre, Meteor Way, Fareham, Hampshire, PO13 9FU.
This is not a 'hybrid' event: there will be no remote attendance.
Dates to be confirmed: a consecutive Tuesday & Wednesday
£1,700 for the two days
Includes refreshments and midday meal.
Students: Sponsored students, being booked a place by their college or university, may be eligible for a full 100% fee waiver.
Bursaries: Students may also be eligible for a travel and accommodation bursary from their sponsor.
Micro-Businesses: A discount of 50% is available to micro-businesses.