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All industries have differing attrition points - or the point at which a customer terminates their relationship with a company. For organisations being able to identify these triggers and enabled to then use this information to retain customers is crucial to development of an effective retention program.
Triggers can be obvious, such as request to close an account, or subtle where a gradual slowdown of activity occurs on an account. For instance, within financial services, it is generally accepted that life events are often attrition triggers, such as entering full time employment, having children, leaving the workforce to retire, or getting married.
Specific industry triggers can be used to augment this information to build more detailed profiles of attrition points for your organisation and customer base. For example, within the mortgages sector warning signs may be customer service complaints, direct debit cancellations, exit fee requests and transfer of other products to competitors.
As a specialised retention software application, iRetain© allows businesses to harness existing customer or client CRM data and identified attrition triggers to improve retention rates. This can assist to proactively ascertain drivers and churn and develop appropriate retention strategies. |
