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The churn rate is one of the most frequently employed business terms, but, unfortunately, not all business persons know what it means. Briefly, this rate (also called attrition rate) is a measurement that shows the number of clients that chose not to use the company products and services anymore. Naturally, the lower the rate is, the better. Of all the clients that disconnect from a provider, some may come back after a certain period of time, so when making calculations managers will want to make a clear distinction between the gross and the net churn rate. There are many reasons that could make a company lose clients and it’s advisable to use modern tools that help determine this reasons can keep the rate to a minimum. Several traditional examples include loyalty programs, surveys and marketing strategies. However, in the past years customer relationship management, or CRM, has emerged as one of the leading tools for the analysis and prevention of churn. There are many companies that develop CRM systems and one of them is Microsoft. The features of Microsoft Dynamics CRM include the organisation and automation of business process and help increase customer satisfaction. In fact, the popularity of such software has grown significantly in the past years and many managers are now wondering where to find CRM software. In general, customer relationship management gives managers more information and control over their processes. Not only can they streamline the contact, but also detect buying patterns and tell you what customers like and don’t like about your company. Even though the term “churn rate” is used in many fields, telecommunications companies are the ones that use it the most and they are also the main market targeted by CRM manufacturers. As soon as you notice an increase in the churn rate, it is essential to conduct a thorough analysis and find out why customers have decided to stop using your services. CRM can do that in an effective timeframe and thus allows you to take measures as soon as possible. In addition, with the help of customer relationship management tools you can also understand which of your clients are the most valuable. For example, if you have a telecommunications company and you want to reward loyal subscribers, you can use CRM to find out who has been a subscriber for the longest time. Then, you can decide what to do next in order to keep them loyal. Several examples include offering them discounts, special offers or bespoke loyalty programs. Last, but not least, CRM also makes communication much easier. Without customer relationship management tools, it would be extremely difficult to keep track of all clients, but with CMS you can set reminders to contact them at regular intervals and you can also note the outcome of each discussion. This way, not only can you tell how effective your staff is at communicating with clients, but also find out what can be done to improve customer experience. These are the main ways in which CRM such as Microsoft Dynamics can reduce the churn rate, but this is not their online benefit. Regardless of your field of operations, it’s advisable to contact a professional provider and ask how scalable CRM can boost your business. If you want to know where to find CRM software and learn more about the features of Microsoft Dynamics CRM, please click here.
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