Churn is an ugly word, but it’s an even worse concept. It’s like a parasite that keeps eating away at your revenue stream.
Before we go forward, have you built a list of reasons why your clients churn? And have you established tactics to improve your churn rate? Check out this blog on churn to determine your churn rate and five ways you can improve it.
Being a digital agency, I bet somewhere on that list you’ll find “insufficient reporting” or “difficulty proving ROI.” These two issues go hand-in-hand and they’re exactly what we’re going to focus on today.
It can be difficult to prove ROI for digital solutions. Sure, for SEM and social media marketing, you can report impressions and likes. But other digital solutions, such as online visibility, listing errors and corrections, reviews and marketing campaigns, are historically difficult to measure.
Business owners expect to see ROI (do you blame ‘em?). If you tell them that you can’t provide detailed reports that prove the value of your service (due to the nature of these digital solutions), then they’re obviously going to search for providers that can. The digital world has you stuck between a rock and a hard place.
Just like your agency, businesses deserve to know that what they’re paying for is working. And they want full disclosure on every solution within your product suite.
You need to equip yourself with advanced reporting tools that provide deep insights into the product suite you’re offering. This includes the historically difficult metrics I mentioned earlier. For example, you can provide your clients with the number of:
- Listings you’ve created or corrected
- Reviews you’ve responded to
- Online mentions you’ve taken action on
- Citations you’ve generated
- Potential leads you’ve generated on social media
- Customers you’ve responded to on social media
You can highlight your client’s average review ratings and how you’ve improved them over time. Or you can show your client’s listing accuracy and how you’ve improved that over time.
It can take quite some time to manually gather all these metrics and build an adequate report. Hence, why you want to find a tool that automatically collects these insights for you. But once you have these details, you’re well on your way to proving your value and reducing your churn rate.
Download our 14 Challenges Agencies face eBook to see how you can stop struggling with poor reporting tools.