Customers may decide to stop using your product or service for a variety of reasons. The only way to prevent this from happening in the future is to figure out why it’s happening, and fast.

• Evaluate the Current Predicament
• Pick Up the Phone
• Check Your Records
• Determine whether the issue is with the product, the customer service department, or the sales team.
• Reward customers who participate in exit surveys and provide feedback
• Survey, Discuss, and Take Action
• Study Trends

Evaluate the Current Predicament

Consider why they might be leaving. Is it hard to use your service? Is there a cost prohibitive barrier to entry? Do you know if there is a better option available? The next step is to formulate a strategy for resolving the most widespread issues. A customer’s candid feedback gained through a conversation or email exchange can help you improve your business.

Pick Up the Phone

Simply picking up the phone and calling customers can make a huge difference. It’s far superior to email in every way. Inquire as to how they are doing, what you can do to aid them, and what areas they feel need your focus. Clients will value the personalized service, and you’ll gain invaluable insight into your business and products in a short amount of time.

Check Your Records

Analyze the data you have to determine when, where, and why the drop occurred. This will help you zero in on a specific action or series of communications that may have turned off your customers. You can inquire as to the factors that led to their departure, but it’s more useful to look for trends in your data that might shed light on the problem from within the company.

Determine whether the issue is with the product, the customer service department, or the sales team

Do the wrong kinds of people keep coming back to you? Good customers leaving because your product doesn’t satisfy their needs? Then again, perhaps the issue lies with how you handle customer service in general. Find out if this is an internal problem that can be fixed covertly before you start questioning customers about why they are leaving.

Reward customers who participate in exit surveys and provide feedback

Get feedback from former customers by offering them a chance to win a prize for filling out an exit survey. A person’s decision to leave is usually irreversible. However, if you can ascertain the reason they left, you can take steps to rectify the issue and keep other customers from following suit. It’s important to view the “cost” of conducting exit interviews and surveys as an investment in retaining both current and potential customers.

Survey, Discuss, and Take Action

Find out why customers are leaving through regular surveys and open dialogue. Recruit crisis-management pros to handle your accounts. Make sure they know what to expect from you, so they’re blown away when you deliver.

Study Trends

Find patterns in analytics and other data to zero in on the root of the problem. A decline in customer retention can often be explained by examining quantitative data. The next step is to conduct an audit of your current procedures, goods, and services to find areas for enhancement. And that includes the competition, who might provide equivalent or even superior services at a lower price.