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[CX Tribe] 1 June 2021 – Predicting B2B & B2C Churn + The CX Skills You Need

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“You Are Never Too Old To Set Another Goal Or To Dream A New Dream.” – 

C.S. Lewis, British writer

That feels like a worthy thought to start a new month.

[Customer Retention]
Customer Churn Prediction Approaches For B2B and B2C Industries [Link]

A big part of customer retention is customer churn prediction: identifying customers who might churn so you can intervene to prevent it.

In this post I review why customer churn prediction is important and explore some practical approaches for both B2B and B2C companies.

[Career]
What CX Skills Are Most Important & How To Achieve Them [Link]

Neil Davey explores the skills needed by CX practitioners to be successful in their role.

This is a good piece that extends the standard expectations of “data, insight and measurement skills” being the only skill good CX practitioners need.

The two I feel most strongly about are:

Financial/commercial understanding – CX leaders need to be able to understand and speak the language of finance if they are to convert business improvement ideas into business cases in which their company will invest significant sums of capital.

If you don’t have a finance background, find a way to learn about it.

Communication skills – I think this comes more easily to CX leaders as they often come from a marketing or allied field.

It’s important because, no matter how good you think your improvement idea is, you need to sell it up the line to be successful.

[Statistics]
What Happens After a Bad Experience, 2020 [Link]

On average, 42% of consumers cut their spending after having a bad experience with a company. That’s what happens. Many stop spending entirely.

This research from Qualtrics on the impact of a bad customer experience provides some good insights into the impact of a single bad experience on revenue by industry.

As always with self reported research, care needs to be taken in the interpretation of the data but it does make for sobering reading.

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