Customer Experience and the impact on churn rates – disability and aged care • THINK Global Research

It’s 2020 and more than ever the power lies with the customer, not the provider. Who gave them this power? The WWW.

Customers have more options than ever before, with greater ease of switching and influence over businesses largely through the use of the internet, social media and online reviews.

The best marketing that money can buy is a happy satisfied customer. Every interaction with your customer builds experience – so the question is are these experiences negative or positive? The crux of customer experience remains in the interaction between you and your customers.

So, what exactly is customer experience (CX)?

Put simply, CX is the impression you leave with your customer, resulting in how they think of you as a brand. Leading companies understand that HOW an organisation delivers for customers is just as, if not more important than WHAT it delivers.

To measure CX, there are two key, simple ways to do this – by assessing customer satisfaction results (see our blog on customer satisfaction and NPS) and identifying the rates and reasons for customer churn.

How do we define customer churn?
Churn happens – it’s part of doing business. It looks at the total number of lost customers within a defined time period.

What’s important is that you learn from the churn, WHY rates are increasing or decreasing and what actionable steps you can put in place to prevent similar customers walking out the door in the future.

Here at TH?NK, we have done extensive research into the churn rates of disability and aged care. Consumers expect a different experience and set of interactions with their providers than they have in the past, and this is constantly evolving.

They want a provider who connects with them on a personal level; an experience that is simple and seamless, transparent and ideally with as minimal waiting periods as possible.

If we consider the main reasons people are dissatisfied with their current providers, being impersonal staff, inability to meet physical and emotional needs, limited access to services, and lack of value for money, it’s clear these wants and barriers go hand in hand.

TH?NK can help you to uncover any gaps between the desired experience and current reality. We’ll help you create simple and elegant customer experiences through optimising each touchpoint, meeting the exact needs of your customers through understanding behaviour patterns.

It’s time to create that experience that will set you apart from your competitors!

 

Written by

Lauren Irwin – Research Consultant