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Overview

Retaining customers is important to organisations. In fact, it’s paramount! We all know the marketing cost of gaining new customers is substantial, and for organisations to be profitable they need to retain their customers. In this module, we’ll explore the many reasons customers leave, we’ll focus on techniques and strategies you can implement to reduce the chances of that happening and, more importantly, explore ways to stop customers from ever getting to that point.

Topics include:
  • Saving customers from cancelling
  • Retaining saved customers
  • Reasons and triggers for customers to cancel
  • Understanding which customers are worth saving
12
Video Lessons
20 min
Approx. Training Time
Ebook

Skills covered in this module

  • Customer relationship management
  • Conflict management
  • Customer service
  • Interpersonal skills
Video Lessons
  • Introduction

    Introduction

    Retaining customers is important to organisations. In fact, it’s paramount! We all know the marketing cost of gaining new customers is substantial, and for organisations to be profitable they need to retain their customers. In this module, we’ll explore the many reasons customers leave, we’ll focus on techniques and strategies you can implement to reduce the chances of that happening and, more importantly, explore ways to stop customers from ever getting to that point.
  • Reasons Customers Cancel

    Reasons Customers Cancel

    If you’re serious about retaining customers, it’s vital that you understand the various reasons why they may be considering cancelling or moving.
  • Identifying Customer Cancellation Triggers

    Identifying Customer Cancellation Triggers

    When looking at why customers cancel, it can be a very valuable exercise to put yourself in your customers’ shoes. Go through your entire customer journey from start to finish, listen to what your sales staff are promising, experience your on-boarding process, have a go at using your product from scratch, try to rectify a problem through customer support, or make a complaint and see how it’s handled.
  • Collecting Cancellation Reasons

    Collecting Cancellation Reasons

    Have you ever cancelled a service and been presented with a quick feedback survey asking you to choose one of five reasons why you might have cancelled? Odds are, you either chose the top answer or the one that was broadest. Perhaps your reason for cancelling wasn’t even on the list. If you’re trying to collect data on why customers are cancelling, don’t put words into your customers’ mouths; let them tell you themselves.
  • Saving Cancellations

    Saving Cancellations

    When we talk about saving customers, it’s important to be clear that we aren’t talking about just saving revenue. We’re talking about getting customers back on track and turning them into delighted customers.
  • Offering Other Options

    Offering Other Options

    Sometimes customers just want a better deal or just want to feel like they’ve had a win. These types of customers often respond well to being offered different options.
  • Some Customers May Not Be Worth Saving

    Some Customers May Not Be Worth Saving

    It’s often our instinct to try to save every customer and to go out of our way to offer them extra service – perhaps a discount or provide some sort of gift as an apology. Whilst all these techniques may serve to save the customer from cancelling, it’s worth ensuring that the customer is actually worth saving.
  • Going to a Competitor

    Going to a Competitor

    A commonly cited reason for customer cancellations is going with a competitor. Perhaps a new competitor has entered your market or maybe an existing competitor is running a new promotion. Whatever the reason, in many instances, it comes down to price.
  • Saved Customers are Still a Cancellation Risk

    Saved Customers are Still a Cancellation Risk

    Great job! You’ve saved a customer and convinced them not to cancel, but don’t get ahead of yourself. They could still be a cancelation risk, if the issues that prompted them to cancel re-occur.
  • Customers Thinking About Cancelling

    Customers Thinking About Cancelling

    Are you monitoring customers who have thought about cancelling but never actually told you? No? Well, there are ways you can do this. Every organisation will have some pre-cancel indicators that can alert you.
  • How to Win Back Customers

    How to Win Back Customers

    By the time a customer cancels, it’s often too late for them to become a customer again, and you really need to do everything you can to avoid them getting to this point. Once a customer has cancelled, they need to go through a new buying decision process to become a customer again. What’s more, it’s a buying decision for a product they previously had a bad experience with and decided not to use anymore.
  • Congratulations

    Congratulations

    When it comes to customer cancellations, prevention is far better than a cure. And the best prevention is providing outstanding customer service to all your customers, but despite your best efforts, there will inevitably come a time when you’re faced with a customer wishing to cancel. It’s far more expensive to acquire new customers than it is to retain existing ones, and that’s why the importance of saving cancelling customers can never be underestimated.
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