Data reveals that about half of consumers now subscribe to at least one media subscription service.
This piece recommends marketers should learn the reasons why their customers leave to reduce consumer churn and increase retention rates. Learning about customer churns can further help subscription businesses craft new offers that can resolve consumer problems and convince them to stay.
Brands can use customer segmentation tools to test out various offers and create custom filters to decrease customer churn. Marketers should analyse their customer services and address customer concerns immediately as current consumers could also leave due to negative customer service experiences.
The author suggests brands should conduct regular surveys of current and past customers to find patterns or areas where they could improve their customer experiences. Analysing customer feedback and reviews can help create custom offers addressing consumer issues and increase customer retention.
[4 minute read]