Every company wants to provide a product that continues to make customers happy and meet their needs. This will provide a strong rate of customer retention and allow the company to continue to grow.
To do this, customer churn must be reduced.
But, first, you need to know exactly why they churn. Taking the time to dive into customer churn feedback will save not only money but also time invested in acquiring new customers. According to Forrester Research, it costs 5 times more to acquire new customers than it does to retain your existing clients.
Like most companies we wanted to increase our retention rate and one way to understand what customers did not like about our product or experience was to ask them why they left.
So that’s what we did. The churn feedback helped us decide what we should build next to keep our customers happy and even to iterate on our business strategy.
Let’s talk about our process and how you can implement it in your business too.
“When customers share their story, they’re not just sharing pain points. They’re actually teaching you how to make your product, service, and business better.”Kristin Smaby