Should You be Collecting Feedback from Lost Accounts?

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.

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.

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.