Without doubt – a Lapsed Customer Survey is the one survey you *should* be running that you’re probably not running yet.
The return on investment is compelling.
Our investigation 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 rate 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
(if you haven’t already – read the full article here: https://www.peoplepulse.com/resources/useful-articles/lapsed-customers).
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 results in many thousands of additional revenue per year.
Talk to us about how we can assist you.
Choose from a wide range of chart types and export them into your presentations at the click of a button.
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:
What Makes Us A Great Solution For You?
It’s simple –
At PeoplePulse we combine the very best in online survey software and reporting with your own dedicated Project & Account Manager.
This combination of exceptional software and unmatched support & advice works to ensure that your lapsed customer survey is set up professionally without fuss, and that ultimately your survey delivers you the insight you need to win back lapsed customers and make better business decisions.
(* Not to mention that to date we’ve helped more than 1,000 other organisations implement first class feedback solutions). We look forward to the opportunity to assist you too.
A sample of our 1,000+ survey clients: