Ask and ye shall…know?
I’ve been talking to a potential client about interviewing their lost subscription clients.
You see they have this problem: a good portion of their business is subscription-based, but they lose some of it every year.
This is a huge revenue-rescue opportunity for them, and they’d like some outside help to plan, organize, and execute the whole thing. And since there’s the added baggage of clients being put in the position to deliver bad news – who wants to tell someone why they got fired?!? – having an objective third party will help facilitate a more honest conversation.
As you well-know, acquisition is f-ing hard and expensive. Getting new clients is inefficient compared to keeping existing ones, so retention is a huge value. So this prospect is considering engaging with me to do a post mortem on their lost clients to find out what’s going on. Once we find that out, we’d be able to take specific steps to:
Identify likely future churn
Take proactive steps to prevent it from happening
Understand at-risk accounts and have a plan to save them
Drive more customer satisfaction in the first place
Automate a post-mortem process to continually build a bigger and better data set
If you’ve been following me for a while, you know I’m a huge advocate of talking to peopleto understand them and what they want. I’m a bit of a Jobs to Be Done acolyte in that way.
But I fear I’ve done a shit job of it here.