5 Reasons You Lose Customers with Paula Courtney
Paula Courtney and Joe Lynch discuss 5 reasons you lose customers. Paula is the CEO of The Verde Group, a Customer Experience (CX) research consultancy specializing in measuring, tracking and improving the specific customer experiences statistically linked to growing revenue, market share, and customer life-time value (LTV).
About Paula Courtney
A passionate change agent and entrepreneur, she believes that organizations remain competitive and profitable when they are brilliant at the basics of service delivery. As President of The Verde Group, a global market research consultancy specializing in helping companies improve customer retention, Paula leads the development of new research methods for helping companies quantify the financial impact of their customer experience. The Verde Group’s Canadian and US retail studies have been published globally in over 35 publications including Business Week, Forbes, the Wall Street Journal and Fortune. A frequent conference presenter, Paula has delivered keynote presentations for various industry and professional associations and is also a regular guest lecturer at the Wharton School of Business. Paula also sits on the board of Covenant House, Canada’s largest agency serving youth who are homeless, trafficked or at risk. Paula holds a BSc in Psychology and a post graduate certification in Personnel & Industrial Relations (CPIR) from the University of Toronto. Paula is also fluent in French, Spanish and Portuguese.
About The Verde Group
The Verde Group is a Customer Experience (CX) research consultancy specializing in measuring, tracking and improving the specific customer experiences statistically linked to growing revenue, market share, and customer life-time value (LTV). Our proprietary experience analysis methodology is known as Revenue@Risk Analysis. Based on decades of social science academic research and practical in-market business application, Revenue@Risk uses dissatisfaction analysis of problem experiences to understand why customers behave in a certain way and what actions to take to alter those behaviours. Verde Group has applied Revenue@Risk successfully for nearly 20 years with Fortune 500 clients in technology, manufacturing, pharmaceutical, retail, and financial services categories. Their practice is roughly 65% B2B and 35% B2C.
Key Takeaways: 5 Reasons You Lose Customers
- Paula Courtney is the President of The Verde Group, a Customer Experience (CX) research consultancy specializing in measuring, tracking and improving the specific customer experiences statistically linked to growing revenue, market share, and customer life-time value (LTV).
- In the podcast interview, Paula explains the 5 reasons you lose customers.
- Reason 1 – Lack of customer support.
- When customers don’t receive the customer support that they expect, they may begin looking for alternatives. Poor follow-up, getting the run-around, and being transferred by phone repeatedly without resolution is frustrating and damaging to customer relationships.
- Reason 2 – Ineffective problem resolution.
- There are more channels for customers to connect than ever before, however, if the customer is not able to get quick and effective resolution to their problems, they will move on.
- Reason 3 – Digital tools that are overly complicated or don’t meet customer expectations.
- Technology that is supposed to improve the customer experience can sometimes be overly difficult to use and actually negatively impact the experience.
- Reason 4 – Lack of consistency across channels.
- Technology has enabled companies to engage with their customers in multiple channels (website, social media, phone, email, app, etc..) and the policies, procedures, experience, and outcomes must be consistent. When customers have different experiences across different channels, they lose faith in the company.
- Reason 5 – Lack of proactivity.
- Customer expectations are always rising and successful companies will always look for ways to deliver more for their customers. Get closer to your customer and find new ways to add value.
- Key areas associated with revenue growth:
- Frictionless experience
- Effective recovery from problems
- Engagement with customers
- The Verde Group helps their clients prioritize and tackle the customer experience problems that negatively impact their business.
- The Verde Group utilizes a unique non-traditional customer dissatisfaction research and social science-based Attitude-Behavior Consistency Model, which enables them to to isolate the most business-critical pain points across the customer journey, financially quantify revenue at risk, and reverse your customers’ most damaging experiences.