Customer feedback is very important for retail companies to grow, earn more money and reduce costs. No matter how sufficient the products or prices are, it is very difficult to achieve the predicted profit unless what the customer wants is known. Since most brands cannot provide customer satisfaction, they experience loss of sales and customers. According to research, the cost of retaining a lost or new customer is 5 times higher than retaining an existing customer. For this reason, it is one of the most important requirements to know what the customer wants in order to develop the business.
How to prevent churn with Customer Feedback?
Customer churn is the percentage of customers who stopped using your company’s products or services during a given time frame. The success of the product or service is determined by the customers, rather than the number of people reached. For this reason, even while gaining customers, customer churn should not be ignored. Churn reasons include low participation, lack of market and customer experience.
With Customer Feedback, the customer experience can be followed closely and customer satisfaction can be informed. It should be determined which needs of the lost customers are not met and which component and process goes wrong according to the customers. In addition, the satisfaction of the customer after purchasing the product or benefiting from the service will have a positive effect on the profit. Considering all these, significant reductions in the churn will be achieved thanks to customer feedback.
How to prevent churn with Customer Feedback?
Customer churn is the percentage of customers who stopped using your company’s products or services during a given time frame. The success of the product or service is determined by the customers, rather than the number of people reached. For this reason, even while gaining customers, customer churn should not be ignored. Churn reasons include low participation, lack of market and customer experience.
With Customer Feedback, the customer experience can be followed closely and customer satisfaction can be informed. It should be determined which needs of the lost customers are not met and which component and process goes wrong according to the customers. In addition, the satisfaction of the customer after purchasing the product or benefiting from the service will have a positive effect on the profit. Considering all these, significant reductions in the churn will be achieved thanks to customer feedback.
How can we get customer feedback the right and quick way with Udentify Technology?
When it comes to customer feedback, the first method that comes to mind is the survey. The information obtained from the previous purchases of the customers through the surveys made is analyzed for each customer one by one and estimates are made. However, considering the increasing number of customers, it has become impossible to conduct these analyzes one by one. In addition, the survey collects data on the current experience of customers, on top of which this data is not even certain to be accurate.
By applying data mining methods to customer churn and customer satisfaction data, Udentify not only ensures that the customer’s needs and requirements are taken in a short time, but also contributes to the improvement of companies by obtaining many data that cannot be obtained through analysis such as surveys. Thanks to the in-store analytics we have developed using artificial intelligence technology, it makes it easier for the retailers to make inferences about why the customer does not make a purchase, and offers solutions by presenting data such as where the customer goes and how much time he spends in the store.