Customer Defection Analysis
Are you overlooking risks to existing revenue and missing opportunities to prevent churn?
Learn from Customer Defections
There are several phrases commonly used to define it – defection, churn, attrition, termination. Regardless of what losing a customer is called in your company, it’s never easy. Was there a specific moment or event that resulted in this loss of revenue? A bad service experience? Did a competitor steal them away? It doesn’t matter if customer defection is a common occurrence in your organization or an unexpected episode, the cold sting of a terminated engagement should have you asking, “What happened?”
We all know that it is extremely gratifying to receive positive feedback from enthusiastic customers. However, it is the complaints, concerns, and critiques that often yield the most actionable insight. While it may not be easy to hear, leverage the wealth of information that comes from lost accounts with a customer defection analysis.
Eliminate the Broken Links
Customer churn is distressing - it can bring down office morale, be an indicator of product or service issues, or expose weak links within your team. While these are individually alarming, the impacts also extend to your company’s growth rate and the future valuation of your business.
Building better visibility into the customer experience requires that you dig deep to get to the heart of common customer frustrations. With our independent customer defection analysis, we serve as a liaison between you and your lost customer and bring to light the subtle, or not so subtle, signs might you might be missing. These in depth, one-on-one interviews are systematically designed to uncover and analyze patterns among your lost accounts. We then translate this insight into actions you and your team can take to mitigate the causes of customer defection, and thus the negative impacts to your reputation and revenue growth.
Turn Insight into Action
Unhappy customers have the ability to influence the opinions of hundreds – even thousands of others. On the other hand, new customer acquisition costs, such as sales commissions, travel expenses, marketing collateral, conferences, and trade shows, are expensive. Don’t fail to draw on the abundance of valuable input from customers that have recently defected. Embrace this insight and use it to identify actions you can take to prevent other possible loss situations.
Discover how our independent customer defection analysis can help give your organization the best possible chance to reduce future defections by identifying and addressing root causes of dissatisfaction. Contact us today.