Topics
What to Read Next
Adapting to changing consumer needs and using strategies like incentivising loyalty and personalizing experiences are crucial for retention.
Understanding and managing customer churn has become critical, as brands strive to align with customer expectations and provide optimal value.
The primary reason for customer churn is a disconnect between customer expectations and the actual experience.
“Customers buy a product or utilise a service with certain expectations in mind. And when there is a mismatch between what they actually get, that is when they look for a competitor or an alternative,” says Sonali Mehra, Insights and Analytics Lead at H&M and former Director at Licious.
In this episode of our exclusive video series “In Conversation with,” we speak to brand leader Sonali about why customers churn, the behind-the-scenes of a successful quick commerce business, and emerging technology.
TOP INSIGHTS
- Understanding and segmenting customers allows for effective communication, ensuring relevant, targeted interactions while avoiding information overload.
- Consumer needs and expectations evolve over time. Sometimes external factors, like moving to a location where the service isn’t available, can lead to churn. Brands have limited control over this but must stay adaptable.
- GenAI is being increasingly utilized for idea generation, helping marketers brainstorm and explore creative concepts more efficiently.
Success is simple as long as you’re delivering value. The business impacts, for any growth market, your year-on-your (YoY) growth is something we strive towards. So be it. It can be through various mediums, such as acquiring new users or retaining existing users and increasing their wallet share. But ultimately, it’s that growth. It’s the movement upwards that we are all chasing, says Sonali. Watch the full interview here.
