There is a recession coming. How will you say goodbye when people can’t stay?
The coming recession will mean a lot of people leaving. Your business might be one of the expenses that people can’t afford. How you say goodbye to these people will say a lot about your business and its morals and might even influence how well you recover after the recession.
I heard terrible story once about a cable company who was really “good” at retention. In fact it would be more accurate to call their approach entrapment. One of their customers, who was quite venerable, wanted to leave because they couldn’t afford the service any longer. Which sounds simple. The request should have been embraced with a positive attitude and a great ending. But the company didn’t simply let-people-leave. They had drunk so much “retention” cool-aid that they were blind to their customers needs at the end. This company only allowed people to leave by enduring a 1 hour ‘exit interview’ with a professional sales person. On the call they battered them with perceived benefits, promotional gimmicks and the hard sell until they surrendered their intent to leave. Succumbed, they would sign a new contract with the company. For this elderly gentlemen that meant agreeing to a new sports package that he didn’t require and couldn’t afford. No doubt the cable company met it’s agressive retention targets that month.
There are only really two reasons customers leave - poor product fit, or external factors. What external factors people have going on in their lives is hard to design for in detail, so businesses only need to apply empathy in this case. But poor product fit you can improve with knowledge. A good place to hear feedback is when customers are leaving.
If you listen, empathise, and deliver a good ending, maybe they will return to your business when they can afford it. Designing an ending can help your business leave departing customers with the right impression. A company to trust and one they will recommend. Alternatively, they will feel conned. And after the recession your business will wish it had a different ending.
