A Lapsed-Customer Survey is the one survey that Customer Experience teams *MUST* run.
And in our experience, many organisations are not running them, or investing in doing it well.
The return on investment is compelling.
Our research into the impact of focusing on Lapsed-Customer feedback reveals that lowering customer defection rates has a massive impact on your profit:
A 5% reduction in customer defection rates can increase profits by 25-125%, depending on the industry.
Yet close to 50% of Marketing Managers and 30% of Sales Managers can not identify their company’s percentage of annual customer loss. Those who thought they knew their firm’s defection rates believed that it averaged about 7-8% per year. However research shows that the average firm loses between 20 to 40% of its customers per year.
When a customer walks, its time to listen.
- Why have you decided to stop purchasing from us?
- What specifically could we have done to improve your satisfaction with us?
- Have you decided where you are taking your business? Who do you intend to use?
- If we were to address the issues you have identified above, would you consider giving us another try?
… all important questions to systematically ask your departing customers.
The first step in implementing a lapsed-customer feedback system is to identify how best to flag when a customer has stopped buying from you, or signaled their intent to conclude the relationship.
The next step is to establish a process to regularly invite lapsed customers to provide you their feedback. The sooner you ask them after you become aware of them lapsing the better. Ideally a monthly invite process at a minimum is recommended. Our expert Project Managers can provide assistance regarding the best invite approach and content to take to maximise your response rates.
Ask yourself – what would be the impact to your bottom line if, by first listening then acting on feedback from your lapsed customers, you could win back just 1 in every 20 of these customers?
For most businesses the ‘win back’ benefit will be many fold the investment in implementing professionally designed feedback systems.
Talk to us about how we can assist you:
Get a Live Demo:
Call us on +61 2 9232 0172 to discuss your Lapsed-Customer Survey needs, and for a free, no-obligation online demo. Alternatively, please drop us a note below:
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PeoplePulse allows you to quickly ascertain the likelihood of re-purchase to help you plan fact-based customer win back campaigns.
PeoplePulse Lapsed-Customer Surveys – What you receive:
Why Choose PeoplePulse?
Trusted by over 1,000 organisations since we were established in 2003, PeoplePulse combines the very best in online survey software & reporting with your own Project & Account Manager – with you every step of the way. Survey reporting experts from our Insights Division can even prepare, present and workshop your results for you, so you can free up your time to focus on implementing the insights you’ll gain.
Trusted by over 1,000 organisations since 2003: