A lost customer is painful for your business – both for your bottom line and your ego.
The importance of customer retention isn’t to be taken lightly. That’s why, in this article, we take a look at how to use exit interviews and surveys to improve customer retention.
You may be wondering, “What’s the purpose? After all, they’ve already left my company?”
The purpose of conducting exit interviews and sending surveys is to find out what you did wrong, why the customer left the business, and how you can improve so you keep more of your current customer base.
So, let’s get to it.
Customer Retention Stats
According to Score, the following can be said about an unhappy customer:
- For each one of your customers who complains, 26 remain silent.
- The average unhappy customer tells eight to 16 people about the bad experience.
- 91% of unhappy customers will never buy from you again.
- If you try to resolve a customer’s complaints, 82-95% percent of them will stay with you.
- It costs you about five times as much to attract a new customer as it does to keep an existing one.
Those are some heavy prices to pay for lost customers. Now, wouldn’t it be nice to know why they are leaving and what you could do differently in the future to prevent such a loss?