Jason M. Lemkin answers questions in Quora. In thousands. His answers have been viewed over 50 million times. Sometimes he writes about questions that will be asked. This post on loosing customer was one such.
He writes about a customer who switched to a competitor without any red flag – they were using his product, provided testimonials, even renewed contract with additional seats. So what gave?
The trigger possibly was, what Jason Lemkin calls, a few 10x features in his competitors product.
But also because lack of deep personal engagement and insight which was beyond tracking the usage of the product alone. If you have a marque logo and a large annual spend attached you need to be more invested. ‘Over phone’ no matter how swift, wouldn’t cut it.
The 4 step formula in his post to save the day includes meeting your customer at least twice a year and mapping all stakeholders.
Read it to learn why your top customer just switched.