Write a paper on topic: “Addressing customer churn in my organization”.

Introduction: Due to the fierce competition in today’s marketplace, retaining a customer is one of the most critical challenges for any business invariable of their size. The marketplace is highly saturated with heavy competition and a huge demand to pay attention to customer needs. The customers these days have access to many channels and are well informed of available choices which they take little time to exercise. When better offerings are promised at a lower price from the competitors, the customers can easily switch to the new product or service. Customer churn occurs when the existing customers stop using your company’s product or offering. Customer churn also known as customer attrition is very critical to the business because it is much less expensive to retain an existing customer than to acquire a new customer, as earning business from a new customer means you have to work your way through the sales funnel utilizing the Sales and marketing resources throughout the process (Rauyruen & Miller, 2006). So greater the level of customer satisfaction greater will be the likelihood that the customer will stay with the organization. Quality of the product and service plays an important role in keeping the customers satisfied and engaged in a relationship that span multiple years. Customer churn affects the company because it leads to a decrease in profit levels and a possibility of loss in referrals from continuing service customers. Worldnet provides payment as a service to international corporate clients across North America and Europe with an advanced range of EMV enabled products and services including Hosted Payment Page, Virtual terminals, XML gateway, eCommerce, Point Of Sale (POS) and mobile Point Of Sale (mPOS). We provide mPOS and POS solutions in partnership with high-tech POS hardware to the vendors. Our company though it follows the commission-based business model faces the problem with customer churn as the company offers Payment-As-A-Service (PaaS). Most of the research in relation to churn has been done only on the telecom, credit card or insurance industry and there seems to be a gap in the literature when it comes to Payment-As-a-Service especially for Omni-channel Payment Platform solutions. Because of this reason, for my project, I had to take a step back and look at the churn management for the service industry as a whole and take what is applicable.