Customer with inadequate products and potential for churn

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When a customer has a financial product that is not suitable for their situation, such as expensive insurance that does not fit their current financial profile, they may face financial difficulties and seek to reduce their expenses.

In times of financial hardship, it is common for customers to austria mobile database services they consider non-essential. In this scenario, the lack of alignment between the product and the customer's life stage increases the risk of churn (loss of customers).

CRM Actions
To avoid churn and keep customers engaged, it’s important to make product adjustments and offer alternatives that better meet their needs. Some effective CRM strategies include:

Downsell

Offering a more affordable version of the product, such as insurance with reduced coverage but that still meets the customer’s basic needs. This can be an effective way to keep the customer in the base without overburdening them financially.

Offers with special conditions

Offering discounts or waiving fees can be a strategic alternative to increase customer retention.

These offers can be temporary or tied to meeting certain criteria, such as holding the product for a specific period, which makes it easier to retain during more difficult financial times.