Get the insight to know when a customer's behavior
indicates they're looking for an alternative.
Watching a buyer's path to purchase provides very valuable insights in where and
how to start the most seamless, useful experience you can deliver.
But do you realize it also can predict churn.
"With Marketing Automation you can automatically detect the probability of customer churn and respond to declines in purchasing activity.
It should also come as no surprise that mass newsletters can (or rather should) be personalized. Address customers by name, use 1-to-1
product recommendations and send time relevant messages, which are almost as effective as discounting."
Identify Customers At Risk Of Leaving
Keeping customers is just more profitable than acquiring new ones.
"According to research, engaged consumers buy 90% more frequently, spend 60% more per transaction and are five times more likely to indicate
it is the only brand they would purchase in the future. On average, they’re delivering 23% more revenue and profitability over the average customer.
Consider the flipside: Actively disengaged customers (people who oppose the brand and may be actively spreading that opinion) can cost a brand 13% of its revenue." Access 2019
Not knowing who's visiting your website is sad.
Not knowing you're about to lose your best client can be fatal.
"Acquiring customers is important, but can overshadow retention efforts. In order for subscription businesses to drive increased growth, subscription business must invest equal, if not more, resources into retaining customers as acquiring them. Retention is also a more efficient way to grow with a dollar retained being 7x cheaper than a dollar acquired" State of Customer Retention Survey 2019
Did something happen, you're unaware of, that could cause a customer to consider leaving?
Here's some of the sources necessary to accurately predict churn:
- URL level navigation behavior
- Keyword search behavior
- Campaign response behavior
- Social media behavior
- Mobile behavior
- Content consumption
- Even transaction behavior
Suppose the fix was more cost effective than acquiring a new customer to replace the one you're losing?
Would you save that customer?
Of course you would.
You need to know there's a problem before the phone call.
The possibility that a past client buys from a competitor will be prevented.
A Client saved is money earned.
Maybe it's time you focused on nurturing your entire client base
Here's why lead nurturing works for both prospects and existing clients:
Fact #1 80% of new sales leads never translate into sales.
Fact #2 Companies that excel at lead nurturing generate 50% more sales ready leads at a 33% lower cost.
Fact #3 Nurtured leads make 47% larger purchases than non-nurtured leads.
Fact #4 Lead nurturing emails get 4-10 times the response rate compared to stand alone email blasts.
Fact #5 Nurtured leads produce, on average, a 20% increase in sales opportunities versus non-nurtured leads.
DON"T be the last to know whom to spend your marketing dollars on.