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Lost customers are an interesting bunch

Lost customers really are an interesting bunch.  Last week, I finished a lost and declining customer study for a major, global educational program and it spurred some interesting takeaways…
 

  1. Essential segmentation

Results from this study took on greater meaning when we looked at the characteristics of students and educational facilities that have churned, and why.  For instance, we found that students and instructors in a couple of countries were facing extreme economic and political forces (and I mean extreme: unemployment rates in the 40-50% range, and governmental bodies that strictly regulate educational curricula). 
 

  1. Competitive intelligence

Did they stop purchasing, in general, or did they go somewhere else?  If you tie together why they are leaving you and where they are going, you can draw out additional competitive intel for your marketing and sales teams.
Often, lapsed customers will be happy to tell you what it takes to get them to come back, too.  Recently, another client tested different incentive ideas so they could find out which ones were most attractive to each segment of lost/declining customers.
 

  1. Double-check your retention metrics

This was a new twist for me over the last few weeks.  We found a sizeable share of customers who were still using educational services from the company… they just weren’t registering their activity!  Revving up the value proposition for registration will improve their retention metrics and also help ensure that all their marketing and communication efforts are reaching their true customer base.
 
 

Krista Roseberry
Project Group Manager, Walker Information

About the Author

Walker Weekly

Walker is a consulting firm specializing in customer experience. Helping businesses for more than 75 years, Walker’s diverse team of consultants provides tailored, comprehensive solutions to help companies achieve their business objectives and grow shareholder value. Walker specializes in customer retention and growth, using predictive analytics and other innovative approaches. Walker works with some of the world’s most influential businesses as well as emerging organizations of all sizes. For more information, please visit www.walkerinfo.com.

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