A Key Strategy You Can't Ignore - Customer Retention
Most companies don’t focus enough on customer retention.
To improve retention, talk to customers you’ve lost.
Here’s a simple process to follow:
1️⃣ Use your CRM and transaction data to identify a group of lost customers.
2️⃣ Reach out to them and offer an incentive to participate in a short interview.
3️⃣ Be prepared to record the conversations (with permission) or have a dedicated note-taker.
4️⃣ Ask the following questions and probe to get as much detail and color as possible:
Q: Thinking back, what happened that pushed you to start looking for an alternative to our product/service?
Q: What company’s product/service are you now using?
Q: What factored into your decision to switch to this company?
Q: In your experience, how is this new company’s product/service better than ours? Please be specific, you won’t hurt our feelings.
Q: What changes would our company have to make to earn back your business?
Now use the customer insights you’ve gathered to fix what needs to be fixed - and watch your retention rate improve.
Need help reducing customer churn and boosting your retention rate? Reach out and I’ll get you moving in the right direction.