Monitum operating

Introducing: Monitum’s new feature designed to reduce churn

Malou Bäckström
·
June 12, 2018

Introducing: Monitum’s new feature designed to reduce churn

Customer churn has a great impact as it lowers profits. Surprisingly, more than two out of three companies lack a strategy for tackling the problem. 

Monitum wants to combat this by launching our new CRM featurechurn conversion statistics. Thanks to the feature, you can effectively follow your churn versus conversion rates. Your coworkers can compare their individual progress and keep track of your common goal. 

Monitum’s white label products are all created for your customers’ safety and happiness, and are designed for strong retention. However, there will always be the case of customers wanting to leave.

The problem is not the product in itself, but often a lack of awareness. A customer wanting to terminate their subscription is a great opportunity to inform of all the benefits of their service – and gaining an even happier customer. 


Decreasing churn in five steps 


  1. Use a CRM system

A great CRM system is key to keeping track of your customers and monitoring your churn. 


  1. Know your customers

Find out why your customer wants to leave. 


  1. Educate and instruct

Explain to the customer the importance of your product. Often they haven’t fully understood it. 


  1. Review your arrangement

If the customer still wants to leave, is it possible to change the pricing or give them a benefit? Be creative! 


  1. Is your churn still too high? 

Go back to the analytics in your CRM system. Perhaps your customers need a more in-depth explanation of the product and you can revise your sales tactics or onboarding.


Do you want to know more about retention when using Monitum? Contact us!