September 24, 2021
We all want to know more about why our customers are cancelling. The typical course of action is to ask multiple questions. But the data shows us that this is a bad idea.
The objective of the Cancel Flow is to identify the specific cause for your customer wanting to cancel. Once you uncover the particular reason, you can deliver the optimal solution. The trouble is, you don't have much time at this stage of the customer's experience. There is not an abundance of patience from customers when they are cancelling.
We learned that Cancel Flow save rates drops by nearly 7% with each additional question after the initial question.
The solution is to optimize the choices you provide as reasons for cancelling in that very first question.
Start with broad options (e.g., "Price") and then as you get in more data, get more granular (e.g., "Price" becomes "Financial Challenges," or "Cutting Budget," "Dislike the Monthly Charge," etc.). Then you can connect the reason to the optimal treatment.
Note: RetentionEngine will handle this for you automatically.