Involve Executives in the Customer Loss Review

In addition to knowing the number of lost customers, you need to know the reasons why customers left so you can drive change across the business. Without this information, you miss a massive opportunity to galvanize people into taking action.

Make the customer defection information come alive by hold a monthly “Customer Loss Review” meeting.

To prepare for this meeting, compile the data on customer defections so that you know which customers left.

Assign executives to make outbound calls to ten customers who have left during the month under review. They need to find out how and why the customer left. There’s nothing quite as compelling as a customer speaking to an executive who has accountability for making something happen. Customers are often so amazed by the effort that they consider trying the company again.

Shortly after the calls have been completed, convene a Customer Loss Review meeting.

• Discuss what’s happening with your customers and what is driving them away.
• Get alignment on how to prioritize the issues and assign accountability.

Perform a “Customer Loss Review” each month. Use subsequent meetings to track progress on resolving issues, continuing the process with executives calling customers who defected.

Hour for hour, the return on investment for this loss review process is one of the best in terms of driving action.

The process of establishing a reliable discussion for identifying customer defection issues and having executives constantly involved in speaking to defecting customers gets people moving more rapidly than any twenty presentations I’ve seen on customer satisfaction statistics. It’s real-time information, it’s operational, it’s relevant, and it puts people’s skin in the game.

Summary – Customer Loss Review Steps:

1. Compile the data on customer defections so that you know which customers left.

2. Assign executives to make outbound calls to ten customers who have left during the month under review.

3. Convene a Customer Loss Review meeting.

• Discuss what’s happening with your customers and what is driving them away.
• Get alignment on how to prioritize the issues and assign accountability.

4. Hold a “Customer Loss Review” each month and track progress on resolving the issues.