Understanding your customers is critical to the success of your company. General theory goes, that getting a new customer is 5 times as expensive on average as keeping an existing one. So in order to decrease churn (customer turnover) it is important that you constantly check your customers’ moods and desires.
There are many types of analysis that are possible towards your existing customers, e.g.:
- Does the customer expect to buy your product next time?
- Why did the customer choose your product to others?
- Does the customer feel that he was happy regarding the service which was given?
- Will the customer recommend the product to others?
- Will the customer change product if he gets an offer with a slightly better price from a competitor?
- Will the customer want to replace the product soon?
It is also interesting to carry out interviews with customers you may have lost. This will give a very good idea of where to focus to diminish churn!
- Why did you stop your subscription with us?
- If we improve this area would you consider us in the future?
Many studies have found that the main key to a successful business is repeat sales!