Many companies, especially financial services ones, could benefit from making sure they have an extensive program of data analysis in place that will help them identify if and when customers are THINKING about to take their business elsewhere. The author of this article offers 7 ways to be alerted to the potential loss of a customer and/or be able to see, in hindsight, what may have caused a customer to leave.
1. Has the customer bought (or used your services) fewer times recently than past data shows?
2. Are complaints up, whether in person or online?
3. Are you gathering data on purchases and relationship management of existing customers?
4. Are customers not paying the full amount they owe you or are they slow to pay?
5. Do you have a “customer network” of some sort—a way to ask customers what they think?
6. Are you fully using all available data—or should you seek to gather more—regarding past purchases and customer behavior right before they have left you?
7. Are there “milestones”—such as renewal dates for certain services—where you see customers falling off?
A close examination of all data and past performances may give your company some clues as to what’s lacking in the way you nurture customer loyalty. You can use such data to build a program of continuous improvement, as well as consider enlisting the help of a firm such as Customer Perspectives, which can determine whether staff and employees are following through on any program you have established.