There are going to be times when your business will see customers leave your subscription service. Although this is undesirable, there are several benefits and you can turn these moments into an opportunity. One of the best ways to turn a customer leaving your organisation into a benefit is by conducting an exit survey with them.
What Is An Exit Survey?
Usually exit surveys are associated with staff members leaving your business to advance their career or take another path. Very few businesses consider that an exit survey could be used to speak to customers. Yet this is a very acceptable use of exit surveys and can help you find out a lot of information about your customers, including:
- What attracted them to your business?
- What did they like about your subscription service?
- What did they not like about your subscription service?
- What would they like to have seen in your subscription business?
- Why they left your business?
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How Can Your Business Use The Information?
There are many applications for the information collected through customer exit strategies. These applications can also affect the entire customer lifecycle. This means that the information can help you improve your customer acquisition, lower customer churn and shape your subscription service to make it more appealing. But how can it do all this?
Marketing: By learning what attracted customers to your business in the first place, you’ll find out what content, offer or platform your target audience prefers. This allows you to allocate your resources more efficiently that will grow your business through better customer acquisition rates while lowering the marketing costs.
Subscription Business: By knowing what features of your subscription service your customers liked and didn’t like; you can make changes to refine your service and make it more appealing to future customers. At the same time, you can see what features your customers were looking for and consider the costs and practicality of adding those features to your current model. If there is a high demand for a certain product feature, it allows you to identify it easily and add it to your subscription service quickly.
Customer Churn: By learning what has pushed your customers away from your subscription service, you can determine what changes need to be made to persuade other customers to stay with your organisation. This will help to reduce customer churn and increase the customer’s lifetime value.
How Can You Collect Exit Surveys?
There are several options for collecting information on exit surveys. Each one has advantages and disadvantages and therefore you must carefully decide which is best for your subscription business. So what are the most common options?
By Letter: Sending out a survey in the post is one of the oldest ways to collect an exit survey. However, it will have a low return rate and it can be expensive with the costs of the stationary and postage.
By Phone: This is a common strategy for collecting information from customers. It can be highly successful, but by speaking to the customer, you could influence their answers and contaminate your survey results.
By Text: This is becoming a very popular way to collect feedback from past and current customers. However, due to the limited amount of space on a text, your answers are limited. At the same time, customers might not respond because of the associated costs with sending messages to a premium number.
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Email / Internet Survey: Another popular method, this can be excellent and very cost effective. The results can also be automatically inserted into a database for analysis. However, if you haven’t constructed the survey just right, you can fail to collect information.
A customer exit survey can be one of the best ways to collect information to help improve your subscription business. To make the most of your surveys, ensure that you are collecting the information in the right way and have your questions explore all aspects of your customer’s journey.