WHAT CAN BE THE POSSIBLE REASONS OF THE INCREASING CHURN RATE FOR YOUR CBD BUSINESS?

Are you stuck in the loop of acquiring new customers and then losing the same amount every year? Have you ever noticed what factors are responsible for this churn rate? Do you have any idea of what a churn rate is and how to reduce it to maximize your business sales? 

If these questions sound relatable to you, then you have come across the right blog article. Let’s have a discussion on this and find the real solutions that can pave up your path towards a successful business. 

WHAT IS CUSTOMER CHURN?

Customer churn rate represents the number of customers who unsubscribe or leave your company’s services during a given time period. In other words, the churn rate reflects how your business is performing in keeping the customers by your side.

WHY DOES CHURN MATTER FOR BUSINESSES?

The success of any business revolves around the sales it gets, and the sales are totally dependent on your customer base. The more expanded the customer base you have for your products, the more the product sales will be, and more will be the profits. In short, losing customers at an unusual rate can cost way too expensive for any business.

HOW TO CUT DOWN THE CHURN RATE?

Reducing your business churn rate has two main steps;

ANALYZE WHY CHURN OCCURS

Solving any problem begins with identifying its cause. The same is the case with this issue; if you want to decrease your business churn rate, you have to figure out why the customers decided to leave simply.

However, the easiest way to do this is to design a customer interaction strategy. This way, you can get the desired feedback from your customer on different product aspects, including wholesale cbd packaging. This will provide you the chance to improvise right at the points you lack in. 

There are several methods of customer engagement. You can send them emails and request them to fill up surveys over time. Moreover, you can create a customer service section hiring customer service representatives to take your regular customers on the phone and ask them about their experience regarding CBD products and CBD display boxes.

COMMON REASONS OF INCREASING CHURN RATE

There can be many reasons for the increasing churn rate of the business. Some of these probable reasons are mentioned below;

Also Read: WHY DO YOU NEED CUSTOM CD/DVD BOXES FOR THEIR PROTECTION?

POOR CUSTOMER SERVICE

Customer service is a vital factor in building a stronger relationship with your customers. The way you deal with your clients leave a lasting impression on their mind regarding your brand. If they like your services, they will come to you repeatedly and will also refer your brand to others.

Therefore, make efforts to make your customers feel special; you can send them your most special CBD product packed in custom printed CBD packaging to build a stronger relationship.

PACKAGING LACKING FUNCTIONALITY

The primary purpose of product packaging is protection. If your cardboard CBD packaging fails to protect the product inside, no matter how appealing it is, it will lead you to have an enhanced churn rate.

LOW-QUALITY PRODUCT PACKAGING

If your CBD packaging lacks quality, it will result in imparting a negative brand image to your customers. They will never return to your brand for repurchase and will not refer you to others. 

CHANGED PREFERENCE

Customer preferences keep on changing, and it requires a lot of hard work to keep them enact to your brand. In fact, communicating with your customers can do miracles in analyzing churn. 

Identify the reasons why they are moving to any other brand for a similar product and then improvise. Once you become successful in identifying the reasons for the change in their brand preference, you can easily accomplish those gaps and regain your customer base. For instance, you can design CBD packaging with no to minimum flaws. 

In conclusion, you need to use all channels to communicate with your customers, such as phone, email, live chat, website, or social media. After this, you can use the valuable feedback to improve the overall customer experience of your brand. For instance, if your customers highlight CBD packaging as a cause of their changed preference, you have to invest in making it better.

For this, you can also hire professionals such as Packaging Bee. They are famous for their custom CBD packaging wholesale. Moreover, they offer excellent customer services around the clock to facilitate their clients.