Should You be Collecting Feedback from Lost Accounts?

Many businesses view asking for feedback from lost customers as an uncomfortable or worthless task. In reality, one of the most important audiences to survey are lost accounts. These customers can provide a unique perspective and insight on issues they’ve experienced, or reasons why they chose to move their business to a competitor. In case you still aren’t convinced, we’ve listed our top three reasons why you should be collecting feedback from lost accounts.

Identify Main Reasons Customers are Leaving

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There’s truly no better way to learn how consumers feel about your service or product than directly from the consumers themselves. After losing a business account, many professionals are left with one big question - “what made them leave?” Only discussing what went wrong internally can lead to false assumptions as to why customers are leaving. A common misconception is that their customer loss was due to their brand’s pricing. When in reality, after surveying, customers stated their reason for leaving was actually due to the lack of customer service. Receiving direct feedback takes the guesswork out of identifying areas of improvement. This can save businesses time, money, and even customers.

Understand Your Audience’s Needs

Direct feedback is an essential tool for understanding your target audience. After a customer leaves, chances are, they’ll be heading to your competitor to receive similar products or services. Surveying these customers can give helpful insight to competitor attributes that were attractive to them and helped sway their decision to leave your business. Whether your competitor offers faster turnaround times, friendlier service, or lower prices, understanding the needs and values of your customers can help you better define the next best step you should take to appeal to your target audience.

Increase Your Company’s Revenue

Businesses can drive revenue by taking intentional steps to enhance their customers’ experience. In fact, nearly 84%1 of companies that work to improve their consumers’ experience will see an increase in revenue. One of the most effective ways to measure customer experience is by conducting surveys. Determining what caused a poor experience can give helpful insight as to what issues are significant enough to drive business away. This information can be used as a guide to help retain existing customers and to get your revenue growth back on track.

When you choose eAutoFeedback, your survey needs are covered. Our easy-to-use, web-based application helps develop, report, and understand feedback that is unique to your business. Contact our team of survey professionals today to learn more.

1 Shanley Stern (Dimension Data Americas) and Mariah Torpey (LEWIS), "New Research from Dimension Data Reveals Uncomfortable CX Truths", Dimension Data, April 4, 2017

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