How about losing fruits that you grew with all your sweat and hard work? Nobody ever wants it right? The same is the case with businesses. No business ever wants to lose its customers because:
When it comes to SaaS firms, churn may refer to either the loss of subscribers or the monthly income lost as a result of cancellations and client departures. It’s even more important for a SaaS firm to have a low churn rate, given it’s estimated that 90% of SaaS businesses fail.
It’s a big de-motivator and a major problem that requires immediate attention because, even a small churn can quickly cut the valuation and revenue in half.
Lead churn is basically the number of leads that are leaked out from your system when executives fail to nurture them.
A salesperson talks to 50-60 leads per day on average. Closing about 1-2 deals from the pipeline. Out of the rest, there are 8-10 leads that are actually interested but not ready to buy right away.
What happens to those leads? Most of the time your team members are so busy that these old, somewhat interested leads, are lost in the system.
This is also partly because there is no system to quickly find and retarget these leads.
However, for whatever reason, they do not reply, are reluctant, or unable to purchase. These leads fail to become your prospects.
Many of these leads become so cool that they even fail to become your prospects
There might be various reasons to lead churn. A few can be listed as:
Reducing lead churn means preventing the leads to leak from the system.
With TeleCRM you can just use the right filters to quickly find these leads, assign or distribute them to the right team members, or even use an AI summary generator to extract actionable insights from past conversations – then sit back and watch the reports of the campaign in real time.
Plus once you start thinking about churn, there are multiple ways to get in touch with these 2 types of people
Customer Churn | Lead Churn |
Meaning | |
Customer churn is the number of consumers who have ceased utilizing your products and services over a period of time. | Lead churn is basically the number of leads that are leaked out from your system when the executives fail to nurture them. |
Why does it happen? | |
1. Customers have trouble using your product.
| 1. Disconnect between marketing and sales.
3. Found the product difficult to use. |
Ways to Reduce | |
1. Call your customers regularly. | 1. Through distributed calling campaigns. |
Crushing customer churn rate and lead churn rate can be a difficult task unless and until one has a proper system in place to understand the needs of the customer.
And it really doesn’t take much time to do that with the right questions and the right tools:
Simple questions like
And, employing effective methods like Strategic calling campaigns, targeted WhatsApp bulk messages and follow-ups can be a game-changer.
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treks says:
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topic of my presentation focus, which i am going to present in college.