Customer Churn Rates: Not a Problem for Verizon Wireless

By Stefania Viscusi

TMCnet Assistant Editor

 

In an industry where keeping customers is vital, maintaining minimal customer churn rates becomes a necessary goal.

 

However this has not been too much of a worry for Verizon Wireless, who according to recent financial reports, has maintained the lowest customer churn rates in the industry.

 

As a news release noted, "Based on the major carriers' most recent financial reports, Verizon Wireless again had the lowest customer turnover rate in the industry in the 2nd quarter of 2006, the seventh consecutive quarter where it ranked best. Verizon Wireless also now serves more retail customers -- 52.6 million -- than any other U.S. wireless carrier."

 

Keeping loyal customers in the wireless market, one with a plethora of competitive players, is significant. In customer relationship management (CRM), customer churn rates, or the amount of customers lost versus total customers, can be an indication of success, or of the need for change. To gain loyalty and reduce the rates at which customers are lost, companies must discover how to keep customers by constantly measuring this to find sources of the churn and correcting it. 

 

How does Verizon keep their customers happy?--a combination of a good network, new products and of course, good customer service. Lowell McAdam, executive vice president & COO of Verizon Wireless commented in a statement to the press, "Verizon Wireless is dedicated to delivering a positive wireless experience starting with the nation's most reliable wireless network, world-class customer service and an industry-leading lineup of wireless phones and devices, including the new, exclusive Chocolate by LG."

 

For more information please visit: www.verizonwireless.com