Why customer churn prevention is the best growth strategy

In most commercial operating models, the focus is often on acquiring new customers. Enormous amounts of money and time are spent on marketing campaigns, sales initiatives and promotional strategies – tuned to bring in fresh faces. In other words, for most companies, customer acquisition is the key metric to business growth.

Running these acquisition-heavy operating models may lead to companies overlooking an enormous untapped potential in understanding and preventing customer churn. The question is just how to direct the focus towards existing, hard-earned customers to prevent them from leaving.

Join us for this engaging 45-minute journey

Join us for this webinar where we will explore the obstacles and approaches to churn prevention and share our perspective on how churn prevention can be integrated into your commercial operating model by following three steps:

Data collection and structuring insights

Deep dive into how your data can support churn predictions. While a purely data-driven approach is likely to misrepresent key facts about your customer base, a human embedding hypotheses into machine algorithms is more likely to hit the mark.

Verify quantitative patterns with real customers

As quantitative data patterns emerge, the most profound insights must be verified by real customers to understand the underlying reasons for potential churn. This can be done in different ways, such as interviews, observations or journey mapping, which serve as a transition from quantitative insights on customers to solutions.

Turn insights into actions

With actionable insights at hand, the third and final step involves turning them into improvements. What do we need to start and stop doing? Why? The underlying reasons for churn may yield several possible solutions, so they need to be approached in a strategic manner.

Now is the time to unlock the potential of your data and use it to redefine your commercial operating model – and to start solving the right problems.