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, the organization misses a massive opportunity to galvanize people into taking action.
A potent approach that makes the customer defection information come alive is a monthly “customer loss review.”
Establishing a reliable discussion for identifying customer defection issues and having executives constantly involved in speaking to defecting customers gets people moving more rapidly and it puts accountability in the game.
