Though improving the customer experience stands as a critical element in attracting new customers, it doubles as a means to maintaining the loyalty of existing customers. When organizations fail to keep existing customers happy, they experience customer churn. This metric gauges the proportion of customers lost over a specific timeframe. While every organization will do everything that they can to maintain their customers, churn often occurs without any ability to stop it.
This attrition phenomenon can be attributed to a myriad of factors, spanning both preventable and inevitable circumstances. Predominantly, dissatisfactory customer experiences constitute the primary catalyst for churn, yet external factors such as inadequate connectivity or financial constraints on the customer’s end can also contribute to this trend. For instance, a customer discovering that a particular organization does not accommodate their preferred payment method would prompt them to explore alternatives with competitors.
This form of customer attrition is avoidable through strategic organizational interventions. As previously mentioned in the example above, bolstering billing operations by integrating additional payment processors can serve as a proactive measure to ensure that every potential customer billing option is accepted. As customer loyalty is fickle, a singular negative incident such as not accepting a preferred payment method can erode established preference, which is why it’s imperative businesses prioritize limiting these incidents.
Recognizing the volatility in customer behavior, organizations must implement measures that consistently deliver the highest level of customer experience possible. To learn more about the ways organizations are achieving this goal, continue reading on to the infographic paired alongside this post.
How Customer Experience Can Combat Customer Churn, provided by BillingPlatform, a company dedicated to empowering businesses via their enterprise billing solution