A Smarter Way to do Loss Analysis | Sales Strategies
June 16, 2017
That means two things. First, it means that they develop an early warning system that helps them predict when one of their customers is going to defect, even before a customer defection starts. Second, they apply this process to their entire network of clients to make sure that they catch any client behavior that might cause their customers to leave in the future. Once they have these systems in place, they can start preventing customer defections.
How can we do this with our own companies? Do a loss analysis. The best clients that I work with take a look at the losses they have. Every company is bound to have a few losses here and there. Why did those customers leave? Take a look at the behavior traits that they exhibited in your sales relationship with them and determine which of those traits are important to you.
Then, take those loss factors and apply them across your entire network. Do other customers exhibit those behaviors? Have you lost other customers for the same reasons? Are there current customers that are starting to exhibit those behaviors? When you develop this type of pattern in your company, you can determine where your high-risk customers are and take steps to keep them from defecting.
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