Why are customers abandoning your business?
Customer loss is damaging to financial performance, employee morale, and the reputation of your business. If your organization is losing customers, and you do not fully understand what is causing this customer loss, you should deploy a customer loss survey. Customer loss reviews are surveys that are designed specifically to enable your organization to identify why customers take their business elsewhere, what types of customers may be likely to discontinue doing business with you, and what issues you should focus on to prevent additional losses.
A customer loss survey collects and analyzes data from those individuals who no longer patronize your business to identify common characteristics and sentiments of this population. It will also give you a good understanding of what types of changes you must enact in the organization to win back these customers. Below are some key issues and considerations in the development of a customer loss survey:
- Factors damaging your brand
- Elements your customers want and need
- Factors damaging your customer loyalty
- Reasons customers leave
NBRI helps you ask the right questions to get at the root causes of customer loss and the factors that should be addressed to stem the tide of future losses. You can also use a Customer Loss survey in conjunction with NBRI’s Instant Email Alerts, which monitors high-risk or high-value customers to ensure their needs are being met. If satisfaction levels drop below a pre-determined threshold, your organization will automatically be contacted to ensure you can swiftly address any customer failings or problems.
Case Study: Customer Loss Review Survey
NBRI was retained by a national chain of entertainment properties to understand the psychological constructs of its customer base. Revenues for the properties had been steadily declining over the previous year and a half, although the business was steadily attracting new clients.
NBRI recommended the use of a customer loss review survey because of its ability to provide greater insight into the specific weaknesses of the organization. The data would likely reveal some key flaws that have gone unnoticed. The survey was deployed by telephone to a stratified random sample of former customers. NBRI was able to obtain a 99% confidence level, which meant the data gathered truly represented the thinking of the entertainment property’s former customers.
NBRI’s ClearPath Analytics provided targeted insights into the thinking of the target population. The root cause driving down customer’s intent to return, customer loyalty, and customer satisfaction was “wait time.” Following NBRI recommendations, swift interventions to the root cause were put into place. Within only three months following the analysis of the customer loss survey results, the scores of all items driven by the root cause were performing as strengths, at or above the 75th percentile of the NBRI Benchmarking Database. By taking swift action on this data, the client was able to secure the satisfaction of its current client base while curtailing the losses incurred in the previous months.
Customer Service Surveys
Take an in-depth look at your customer service personnel, your sales assistance personnel, your warranties, your website, and all ground-level customer interaction.