Customer churn can be a major issue for businesses, causing a loss of revenue and hindering growth. There are many factors that contribute to customer churn, including poor customer service, pricing, and competition. However, one often overlooked factor is job changes among existing customers or leads. With as many as 30% of contacts changing jobs in 12 months, businesses that fail to monitor these changes could be missing out on valuable sales opportunities. This is where job tracking software comes in, providing businesses with real-time updates on job changes and enabling them to take advantage of new sales opportunities. In this article, we’ll delve into how job-tracking services work and provide tips on how to use them effectively to reduce churn and increase sales.
What Is Customer Churn?
Customer churn is a term used to describe the rate at which customers stop doing business with a company or cancel their subscriptions. In other words, it’s the percentage of customers that a business loses over a specific period.
A general calculation method for getting your customer churn rate is to divide the number of customers that you lost in a specific period, for example, in Q1, by the number of new customers you earned in that period.
Customer churn can be caused by a variety of factors, including poor customer service and/or user experience, price, inappropriate product/market fit, or competitor offerings. For businesses, reducing customer churn is crucial for maintaining revenue and growing the customer base. By identifying the causes of churn and implementing strategies to improve customer retention, businesses can increase customer loyalty and drive growth. Overall, customer churn is an important metric for businesses to monitor and actively manage to ensure long-term success.
Why Reducing Job Change Related Customer Churn is Important?
Another important reason for customer churn is the simple fact that employees change jobs over time. For sales professionals, maintaining relationships with customers is key to generating sales opportunities. Job changes in a business’s existing customers or warm leads may result in the loss of valuable contacts and therefore lost business opportunities. However, if a business keeps this factor in mind and implements smart solutions for tracking job changes within its contact base, it can even be turned into an advantage and generate new sales opportunities.
In fact, recent data suggests that as many as 30% of contacts in a CRM may change jobs in 12 months. Failing to monitor these changes could result in missed opportunities for new sales. Manually checking employment statuses is time-consuming and can lead to missed opportunities, but by utilizing automated systems like Pipebooster, businesses can easily track job changes and take advantage of new opportunities as they arise. Ultimately, keeping track of job changes among existing customers can be a powerful way to reduce churn and generate new sales. The most effective way to keep track of those job changes is to use job tracking software. We’ll delve into the functioning and benefits of such a service in the next section.
How a Job Tracking Service Works
Real-Time Tracking of Job Changes
Job-tracking software is designed to help businesses stay informed and up-to-date on their prospects’ job changes, enabling them to take advantage of new sales opportunities. It works by continuously monitoring job-related information and contact details of individuals in your database. This service updates contact information in real-time (or according to your frequency preferences it can be weekly, biweekly, monthly, or manually), ensuring that you always have the most accurate information available. It also provides alerts when a contact changes jobs, enabling you to take immediate action and reach out to them at their new organization.
CRM Integration
The ability to integrate with popular CRMs like Pipedrive and Hubspot is also a common feature, ensuring that contact information is updated across all platforms. By integrating with custom CRM systems, businesses can also tailor the service to their unique needs, ensuring that contact information is accurate and up-to-date at all times. In some cases, the CRM integration also means that the job tracking appplication can be customized to update certain fields, modify data and create alerts and comments in the CRM system itself.
Automatic LinkedIn Profile Matching
Automatic LinkedIn profile matching is another common feature of job-tracking software, allowing businesses to easily verify contact information and maintain relationships with important contacts. Pipebooster, for example, which is one of the most powerful job tracking services available on the market currently, tracks job changes of prospects in a database such as a CRM system by automatically matching the available contact data with the right LinkedIn profile.
Even with just a first name, last name, and a third identifier (such as company name or email address), Pipebooster matches contact data with LinkedIn profiles using over 40 algorithms to ensure accuracy. This feature saves businesses time and effort by automatically verifying contact information and ensuring that they are connecting with the right people. With accurate contact information, businesses can easily maintain relationships with their contacts and grow their sales pipeline.
Lead generation and LinkedIn Email Scraping
Let’s suppose that you have a database of contacts where only the first name, last name, and company name are provided for each entry, but there’s no email address or phone number available. To fill in the gaps in the contact data, a lead generation tool or feature can be the right solution. Pipebooster’s LinkedIn email scraper function can help businesses find new sales opportunities by scraping email addresses from LinkedIn profiles. This makes the software a powerful tool for lead generation, enabling businesses to identify new sales opportunities and grow their sales pipeline. With this feature, businesses can expand their customer base and reach out to potential customers who may have been previously inaccessible.
The Benefits of Using a Job Tracking Service
Using automated job tracking offers numerous benefits to businesses.
- Increased sales opportunities: Firstly, it provides an efficient way to track job changes for contacts and leads, keeping your customer database up-to-date. This results in increased sales opportunities as you can reach out to contacts and leads who have changed jobs and may be in a position to make purchasing decisions.
- Improved customer retention: Additionally, job tracker apps improve customer retention by allowing businesses to maintain relationships with important contacts even after job changes.
- Enhanced customer relationship management: With enhanced customer relationship management, businesses can build stronger connections with their customers and foster loyalty.
How a Job Tracking System Can Reduce Churn Risk
It can significantly reduce churn risk for businesses by providing continuous updates on job changes and contact information. By tracking job changes and updating contact information in real time, businesses can maintain relationships with important contacts even after job changes, reducing the risk of losing customers. This is especially important for businesses with long sales cycles or those that rely heavily on customer relationships.
The Impact of Job Changes on Sales Opportunities
- Missed opportunities for sales: Job changes can have a significant impact on sales opportunities for businesses. When a contact or lead changes jobs, they may move to a company that is in need of the product or service that your business provides. However, if businesses are not tracking job changes, they may miss out on this opportunity. This can result in missed sales, negatively impacting the sales pipeline and revenue.
- Difficulty in reaching contacts with changed information: job changes can make it difficult to reach contacts and leads with outdated contact information. This can further reduce sales opportunities and negatively impact customer retention.
- Negative effect on sales pipeline: Overall, the impact of job changes on sales opportunities can be significant, making it crucial for businesses to stay informed and up-to-date on their contacts’ job changes.
Mastering Job Tracking: Top Strategies for Success
For businesses looking to maximize the benefits of job tracking services, it’s important to use the tools effectively. One key tip is to utilize an automated system like Pipebooster, which monitors changes in employment among contacts in a CRM. By scanning public sources like LinkedIn, this tool provides businesses with real-time updates on job changes, enabling them to stay ahead of competitors and take advantage of new sales opportunities.
1. Focus on Your Key Groups of Contact for the Best Results
When monitoring job changes, it’s important to focus on key groups of contacts such as those in the sales pipeline, current customers, and power users of the product. These groups are most likely to be aware of the company’s products and can make introductions to the right contacts at their new companies. By effectively monitoring these groups, businesses can reduce churn and increase sales. Overall, by implementing effective strategies for job tracking, businesses can maximize the benefits of these tools and achieve long-term success.
2. Set Up Customized Alerts
It’s also important to integrate the job tracking service with your CRM to ensure that contact information is updated across all platforms. This will allow your sales team to only need to work with the system that it’s already well accustomed to and receive notifications on the familiar platform. To use a job tracking service effectively, businesses should start by setting up customizable alerts. This ensures they are immediately notified when a contact changes jobs, allowing them to take immediate action.
3. Utilize Lead Generation Tools
Utilizing lead generation tools can help to identify new sales opportunities and grow the sales pipeline. Whenever there’s a gap in contact data, such as missing email addresses or job titles, it can cause a lost sales opportunity. When users or prospects change jobs this can be a general challenge.
A straightforward solution to this problem can be Pipebooster’s LinkedIn email scraper feature, which automatically scrapes email addresses from LinkedIn profiles and fill in the gaps in your contact database. This way you can find new sales opportunities easier than ever. By implementing these tips, businesses can use a job tracking service to its full potential and reap the benefits of increased sales opportunities and customer retention.
4. Take Advantage of the Automatic and Personalized Emails
A revolutionary feature of the powerful job tracking service, Pipebooster, is the AI-powered function of sending automatic emails to the selected group of leads that look and feel completely personal. According to the settings of the user, the software either created those emails in the draft folder of the email client so that a sales representative can take a look and modify them if needed, or it sends them 100% automatically.
Alt: an example of an automatic personalized email draft by Pipebooster
Imagine the situation that in the preferences of the job tracking service you set that after 7 days of the detected job change, the software should send a congratulatory email to a) contacts that were already using the company’s service b) hot leads that might want to use it at their new organization as powerful decision makers. By offering your help and services right away, contacts that already know about your service (warm leads), or even more, are loyal customers as account managers or power users, will bring the news about your service into their new role, thereby landing you new sales. As easy as that when you have a job tracking service like Pipebooster. Try it now for free with 250 contacts without commitment.
Conclusion
In conclusion, businesses need to be aware of the impact of job changes on their customer base and sales pipeline. Implementing a job tracking service can help businesses stay informed and up-to-date on job changes among their contacts, allowing them to take advantage of new sales opportunities and maintain important customer relationships. By utilizing a job tracking service effectively and following the tips provided in this article, businesses can reduce churn risk and increase sales opportunities, ultimately leading to long-term success.
