Peep’s team now knew why people were coming, and they knew what they were doing when they used the product—but they didn’t know why customers were leaving.
The first question that came to mind: what was CXL Institute missing that would retain customers for the long-term?
The first step in this learning process was to send emails to every person who canceled their subscription, asking for another 10-minute phone call.
They didn’t get many takers. Even fewer responded than for the onboarding calls (which weren’t very popular either). So they sent email surveys asking: Why did you cancel? What did you not like? How can we improve?
But the response rates were low. So low, the team decided to change tactics.
“We flipped it around so when people canceled, the couldn’t just hit cancel, they had to choose from a list of reasons.”
Using their qualitative feedback, Peep’s team came up with a ‘top five’ list of reasons customers canceled and required customers to choose one in a multiple-choice survey or write in their own.
“That was a really good move because, finally, for every cancellation, we were seeing why people were leaving.”
The number one reason customers left: “I don’t have time.”
For Peep, this was understandable. Very few people plan ‘time to learn’ into their already over-packed daily calendars.
The second most common reason: “it’s too expensive. We can’t justify it.”
It didn’t take long for Peep and his team to solve the first objection—and find the reason underlying the second. But before they did that, they needed to learn even more about who these customers were.