What is Churn Analysis?
Churn Analysis is the application of the Win-Loss method to renewals. With Churn Analysis, we still look at why they bought from you in the first place, but most of our research is instead focused on that magic period between adoption and renewal. If they renewed, why is that? If they left, what went wrong? Churn Analysis is a great way to find out.
What is the Churn Analysis process?
The Churn Analysis process has 3 discrete stages:
- Churn Research – Usually phone interviews with buyers using open-ended questions. Questions are targeted toward the customer’s relationship with you.
- Churn Analysis – Parsing of the information pulled from the phone interviews to find themes and patterns.
- Churn Reporting and Feedback – The results are presented and used to better know your markets, improve processes or products.
What can you learn with Churn Analysis?
Churn Analysis is a unique opportunity to hear directly from your customers immediately after renewal. Why do they renew? Why did they leave? What drove that decision? Churn Analysis is your opportunity to get those answers.
We recommend asking churn targeted questions like:
- How well were your initial expectations of the relationship met?
- What challenges have you faced in your relationship with your vendor?
- What changes did your vendor make to address your concerns?
- How has the offering negatively changed over the course of your contract?
You can see how knowing the answers to questions like these will help inform your processes and approach.
What are some of the specific benefits of Churn Analysis?
Churn Analysis will help you in these areas and more.
- Enhance your understanding of the renewal process for your offering.
- Hear from real customers where and when to intervene before it’s too late.
- Better understand your competitor’s poaching tactics.
- Get an outside-in perspective on your company’s strengths and weaknesses.
- Improve the fidelity of your Buyer personas.
But most importantly, with Churn Analysis you are hearing from your market in an open-ended, qualitative way. That context can feed back into your organization to drive continuous improvement in today’s modern environment.
Are you ready to learn from your buyers?
Let’s put the power of Win-Loss to work for you.
“The plug-in nature of working with The Win-Loss Agency was a real win for us. They were up to speed quickly and brought us useful qualitative insights which were clearly identified to action. It was all very easy.”