Little or no attention is given to customers who for whatever reason have been Lost.

Lost customers should be viewed as valuable asset for a variety of reason including:

• A lost customer can provide feedback into what we can improve, fix.
• A lost customer can provide a profile of at risk customers
• A lost customer can provide an opportunity to convert them back to an active customer

Identifying Lost or at risk customers

Flow tracks all customers across their full lifetime, gathering feedback at multiple points of time. A lost/at risk customer can be identified typically by lack of activity, or perhaps by a trigger from an external system.

It is important to be proactive about a customer that is identified as lost. Engage with them for feedback, to determine if they are lost and ensure they know that they are valuable to your organisation.

What to ask a lost customer

Rather then subject them to a long and static survey we tend to encourage them to tell us in open text why they left. The benefit of this is that we can hear their problems/issues rather than asking pre-conceived questions that may not be relevant. We ask them if they have a problem and if so can we contact them to work through it.

What do do with lost customer feedback

We feed lost customer feedback into our Text Analysis Engine. The result is structured data that we can report and act upon.

Where a customer has identified they had a problem, we open an Action and assign it to the 'right' person in the organisation to address. This is where we can win-back the customer. At the very least we can learn from the experience and prevent future losses.

ROI

Any time spent on understanding lost customer feedback will result in direct financial benefits

• Winbacks - resumed revenue from lost customers
• Loss reduction - business changes reducing customer attrition and increasing revenue.