Everybody knows about customer churn as a concept. But, knowing how to manage it will make a huge difference to your bottom line.
According to one study, 96% percent of customers won’t complain, and 91% will simply choose to do business with someone else. Customers buy a product or service to get a clear business benefit. To ensure happiness, make sure they are getting the ongoing business benefits they expected to achieve. To do this – you need to collect feedback throughout the customer lifecycle.
Managed services relationships last for years so monitoring the customer condition over the longhaul is important.
Churn management starts by identifying natural touchpoints across the complete customer lifecycle. Use these touchpoints for capturing feedback through Reputada pulse surveys. Use in conjunction with customer review meetings to ensure customer comments are captured and stored for future reference.
The following is a comprehensive piece by David Skok of Matrix Partners on how managed service providers can implement processes to understand and manage customer happiness.