How To Significantly Reduce Attrition Rate

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What is the attrition rate at your company? After putting in a lot of effort to win a consumer, you somehow lose that customer. It’s awful, I know that much. especially if your nearest rival wins that customer away from you.

This is referred to in the insurance industry as your “retention.” To put it another way, you write a policy for a completely qualified person or business, then later on, they cancel it or stop paying the premiums. Every agent’s worst fear.

Don’t freak out if you or your business have ever experienced poor attrition (or retention). This can be resolved quite easily. These four easy methods are quite effective.

Four Methods to Lower Your Attrition Rate

1. 3-Day Callback – According to certain industry insiders, the sale actually starts after it has already happened. Consider it for a second. Have you ever bought something and later concluded it wasn’t the correct choice for you? It might have just not felt right. Everybody has. Even still, we sometimes have these ideas for no apparent reason. Getting in touch with your customer a few days after the sale has always been a good idea. The three-day callback is crucial.

When you speak with your buyer soon after the sale, they will let you know if they are experiencing any second thoughts. This is the ideal moment to address any further queries or worries they may have. You could even need to sell them again. Most of the time, a consumer merely wants to feel cared about. The three-day callback lets them see that you do.

2. The Congratulatory Letter – No matter what industry you are in, send that customer a letter of congratulations once they have “completely qualified” and the sale has been finalized. Why? Have you heard the proverb, “They will forget what you said, but they will never forget how you made them feel”? They feel satisfied after receiving a letter of congratulations for their purchase. They have a positive opinion of you, your offering, your business, and the purchase it represents. A countermeasure to attrition is the “FEEL GOODS.”

3. The birthday card: It is imperative that you send out birthday cards. There are low-cost software programs that will make this work simple if you are not already performing it. For instance, the email autoresponder will immediately send a birthday email when the customer’s information, including the date of birth and email address, is first imported into the database. The team will then send a real birthday card as a follow-up. For actual snail mail, the birthday notice is scheduled one week in advance.

Your customers will thank you for this, and their friends and family will generously refer you to others.

4. The Annual Evaluation Letter – Customers are made to feel valued through annual review letters. They are crucial, after all. You wouldn’t have a business if it weren’t for that client. Once more, you should have no trouble handling this work with your marketing tools.

Not only will you strengthen your relationship with that customer by conducting annual reviews, but your referral business will also significantly increase.

Your attrition rate (or retention) will soar if you make it a habit to conduct 3-day callbacks, email out congratulations, mail birthday cards, and conduct annual reviews.