How to Reduce Customer Churn

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How to Reduce Customer Churn

Do your customers have commitment issues? If you have a high churn rate, you may be wondering if it is something you are doing or if your customers are just flaky.

You may never know why customers decide to cancel an order or discontinue your professional relationship. However, if your churn rate continues to rise, you need to take a hard look at how you can reverse this trend. If you don’t, you may soon find yourself without any customers at all.

If you are looking for ways to boost customer loyalty, here are some ideas to help you get started:

  1. Communicate. While no one wants constant calls and emails, if the only time you communicate with your customers is when you want to sell them something this is a problem. Consider follow-up telemarketing calls after customers have made a major purchase to find out if they have questions or are satisfied with their purchase.
  2. Focus on Your Weaknesses. Always be on the lookout for ways to improve your products or services. Figure out what you can be doing better and make it your mission to improve. Further, make sure you are open to change.
  3. Look Over Your Shoulder. Always keep an eye on the competition. Check out what they are doing and see if you can incorporate some of those things into your business strategy. It is also important to remember that your competition is always looking to poach your best ideas so keep on your toes.
  4. Do What You Do Best. If you are known for your outstanding customer service, quick turnaround or flawless products, you need to work hard to make sure that you never ever let a customer down in the area where you really shine. If a customer comes to you because you always deliver faster than everyone else, the one time you don’t deliver on time may be the last.
  5. Find Out Why a Customer Moved On. When a customer returns a product or stops doing business with you, do your best to find out why. Consider calling the customer or sending them an email asking for their feedback. Many customers appreciate the opportunity to give you constructive advice. And even if they have nothing good to say, you can learn from negative feedback, as well. Finally, they may be so impressed that you care that they give you a second chance.

No one likes to lose a customer but the secret to lowering your churn rate is to find out why customers are leaving and make the necessary changes. Likewise, if your customers are happy, you need to keep them that way so they will remain loyal for years to come.

Trend-Based Telemarketing

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Trend-Based Telemarketing

While the methods of communicating with customers and prospects continues to grow in today’s digital age, nothing can replace the importance of a live phone conversation. After all, people want to do business with people that they know and trust. An actual conversation is a great way to build such trust.

Telemarketing doesn’t mean just calling a lead and hoping for the best. The best telemarketing lead generators know exactly what is going on in the industries they are targeting and are able to build a rapport with prospects in those industries. Often, the best way to come up with a relevant message is to tie it into what is happening in a prospect’s industry in a certain time or place.

In order to give prospects what they want, you have to know what they need. If you are a mortgage company, for example, the best time to talk to leads about mortgages is in the summer when many people are shopping for homes.

It can be particularly challenging during industry “quiet times” to know what to lead with—for example tax software can be a tough sell in the summer when tax season is still months away—so you may need to get creative. When it comes to approaching leads by phone here are some categories that may help spark your creativity:

Industry Trends: Almost every industry has a time of the year that is particularly active. The summer is the busiest time for the travel industry, for example.

Regional Trends: If you are working on leads in a certain part of the country or world, it can help to know what is going on in their neck of the woods. This includes things festivals or sporting events. Examples include Mardi Gras, the Olympics or religious holidays.

Target Market Trends: If you are marketing to students or teachers, back-to-school is a hot time of the year. If you are looking at retail customers, Black Friday is a huge deal.

This list is by no means exhaustive but gives you a starting point. The challenge of lead generation telemarketing is to make sure that you always do your homework before you talk to a prospect. People want to do business with those who understand their industry and its unique challenges. If you can convince leads that you know where they are coming from, they will be more likely to put their trust in you.

The Importance of New Business Development

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The Importance of New Business Development

Keeping up with new business marketing can be a challenge for even the most profitable and established businesses. When the sales funnel is full and things are going well, it is tempting to turn your attention toward catering to your current clients and putting new business development on the backburner.

Some of the most significant challenges facing marketers today include things like marketing to a predominantly mobile audience, making sure your message stands out in a crowded marketplace and understanding how to best use big data.

If you are looking for ways to continue to market your business to new clients while still serving existing ones, it is important to pay close attention to the basics. What follows are some critical new business marketing principles that simply cannot be ignored—no matter how successful your business:

  1. Always be prospecting. If you are a business owner, there will never be enough time in your day for all you want to accomplish. No matter how busy you are, however, you simply must make time for prospecting. If you take breaks in your new business marketing efforts, there will always be gaps in your sales funnel.
  2. Keep all of your options open. If you want to attract the most customers, it is vital that you use a variety of channels and techniques to identify new prospects. If you concentrate on only one marketing method you will significantly decrease the number of prospects you are reaching.
  3. Don’t forget about outbound. Inbound marketing is important but that doesn’t mean outbound marketing should be pushed aside. Proactive and targeted approaches such as direct mail and telemarketing are still very effective and necessary to get your message out.
  4. Big data is a big deal. Big data is all the rage these days but you would be surprised at the number of businesses that don’t use it or don’t use it correctly. While it may be difficult at first, you simply must make data collection and analysis a priority.
  5. It’s everyone’s job. New business is sometimes handled by a particular department or staffer but the truth is, it is everyone’s job. Every employee should always be on the lookout for new opportunities. Remember, you don’t need to be on the sales team to understand all the great things your business has to offer.

New business development is essential to the long-term success of any business. And if a sales funnel is not continuously filled up, you can be sure it will one day run dry.

What the Most Successful B2B Marketers Have in Common

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What the Most Successful B2B Marketers Have in Common

How do you know when customers are ready to buy a product or service you are selling? In the B2B marketing world, there are a variety of ways to measure customer interest.

Successful B2B marketers have a lot in common. One thing they have in common is that they employ many of the same tools to gauge customer interest in their products or services. If you are a B2B marketer, you might want to consider using these tools, as well.

What follows is a list of what the most successful B2B marketers consider to be the gold standard when it comes to B2B marketing tools and trends:

    • Lead Generation. Content marketing is considered by B2B marketers as the cornerstone of any successful marketing strategy. Content marketing has long been considered an extremely reliable method of increasing interest in a product or service and shows no signs of slowing.
    • Analytics and Data Visualization. The popularity of marketing dashboards is on the rise as B2B marketers lean toward the use of tools that give them at-a-glance views of key performance indicators for their CRM and campaign data.
    • QR Codes. Despite a surge in new mobile technology, cross-channel QR codes are still important because, among other things, these codes allow for digital tracking of non-digital marketing channels.
    • Telemarketing. Time and time again, telemarketing has proven to be an exceptional marketing tool. Telemarketing is especially effective when developing intent-targeted marketing campaigns. It also helps to drive conversion rates.
    • Brand Awareness. When B2B marketers focus on increasing awareness of their brand and improving customer experiences with their brand, profits increase—substantially.
    • Social Media Monitoring. B2B marketers who closely monitor their social media sites are able to determine with more accuracy what their customers are looking for in a product or service. Such monitoring also helps them to be more proactive if they detect customer dissatisfaction.
    • Email Service Provider (ESP) Technology. Many of the most profitable B2B companies use ESPs to manage and distribute software-based services and solutions to their customers across a wide area network from a central data center.

Marketing to other businesses can be a particularly difficult task. In order to get it right, there will likely be a great deal of trial-and-error. If there are lessons to be learned from the most successful B2B marketers, it is wise to pay attention to these lessons to improve your own B2B marketing efforts.