Not all buyers will stay with your air compressor company indefinitely. By tracking your air compressor company's churn rate, though, you'll have a better understanding of how many buyers have left. A high churn rate indicates that buyers are continuing to make purchases. A low churn rate, on the other hand, indicates that buyers are leaving your air compressor company. If your air compressor company suffers from a low churn rate, you should consider the seven following tactics to improve it.
#1) Offer Competitive Prices
Air compressor buyers place a significant amount of weight on product and service prices. If a product or service is too expensive, they won't view it as a smart investment for their respective business, resulting in a missed sale. As a result, setting the prices of your air compressor company's products or services too high may increase its churn rate. If you discover that buyers are leaving because of price-related objections, consider lowering your prices so that they are more competitive and aligned with your audience's needs.
#2) Use Multiple Channels for Communication
You shouldn't rely on a single channel to communicate with sales leads. Instead, use multiple channels. Most buyers have a preferred channel. According to Marketo, email is the most popular channel used for B2B communications, with live chat following closely behind in second place. With that said, other buyers prefer talking to B2B companies over the phone. By using multiple channels for communication, more buyers will stay with your air compressor company, resulting in a lower churn rate.
#3) Reward Loyalty
A time-tested tactic used by air compressor companies to lower their churn rate is to reward loyalty. If you reward buyers for making repeat or subsequent purchases, they'll naturally feel more inclined to do so. Maybe you can offer buyers a 10% off coupon on their next purchase, or perhaps you can send them a gift card. Regardless, rewarding loyalty encourages buyers to stay with your air compressor company. It's a simple yet highly effective sales strategy that can lower your air compressor company's churn rate.
#4) Create a Newsletter
Creating a newsletter may improve your air compressor company's churn rate. A newsletter, of course, is a series of emails that you send to subscribers. With a newsletter, you can reinforce your B2B company's products and services to existing buyers. When you acquire a new buyer, you can ask him or her to subscribe to your air compressor company's newsletter. Once subscribed, you can then send the buyer emails periodically to promote products and services. Along with the other tactics listed here, creating a newsletter can lower your air compressor company's churn rate.
#5) Follow Up With Buyers, Sales Leads
Another way to lower your air compressor company's churn rate is to follow up with buyers after they've made a purchase. Whether a buyer makes a small purchase or a record-setting purchase, you should check in with the buyer shortly thereafter to see if he or she is satisfied. Some buyers may contact your air compressor company directly if they encounter a problem with their purchase. Others, however, may simply leave your air compressor company for a competitor. By following up with buyers, you'll be able to address any problems or concerns they have so that it doesn't negatively impact your air compressor company's churn rate.
#6) Nurture Sales Leads
Nurturing sales leads can improve your air compressor company's churn rate. Unfortunately, many air compressor companies overlook the importance of sales lead nurturing. Statistics show that fewer than one in four B2B companies nurture their sales leads on a weekly basis. Failure to nurture your air compressor company's leads will result in fewer conversions along with a higher churn rate. Therefore, you should spend time on lead nurturing to compel more buyers to stay with your air compressor company.
#7) Send Feedback Surveys
Feedback surveys are a useful tool for lowering an otherwise high churn rate. They'll provide insight into buyers' experience as well as their level of satisfaction. Using this information, you can improve your air compressor company's sales process so that more buyers stay and continue purchasing its products or services. You don't have to create long or complex feedback surveys. On the contrary, a simple feedback survey asking buyers to rate their experience on a scale from one to 10 often works best. Buyers won't have to spend much time to complete it, so you can rest assured knowing that their responses are honest and accurate.
A high churn rate can spell disaster for your air compressor company. As you may know, most air compressor sales come from existing buyers. Once you've secured a buyer, he or she may purchase your air compressor company's products or services dozens of times -- but only if you provide a meaningful and positive experience. Neglecting to focus on buyers' experience will result in more of them leaving your air compressor company, potentially for a competitor. Either way, it can raise your air compressor company's churn rate while lowering its chances of success.