This case study examines how a private equity firm addressed significant customer churn—losing 17% of annual revenue—within a newly acquired HR software portfolio company. Initial leadership hypotheses blamed competition, service model issues, and poor customer fit, but lacked supporting data. Anova conducted independent interviews with 30 departed customers to uncover the true drivers. The findings revealed that product functionality gaps were the primary cause, cited by 92% of respondents, while other assumed factors had minimal or no impact. This insight enabled leadership to refocus strategy on product improvements rather than misdirected operational changes. For businesses, the case highlights the value of unbiased Voice of the Customer research in identifying root causes, improving r

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