5 Health Checks for Managing Customer Retention
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No one likes churn. And no one can afford a bad churn problem. So how do you prevent it? You need a way to monitor and manage the current health of every customer so you can accurately forecast each account’s likeliness to renew. Check out this webinar featuring Brian Merritt, VP of Customer Success at Trustpilot, and Omer Gotlieb, Chief Customer Officer at Totango. The two of them will introduce 5 variables you should track to not only prevent churn, but to also grow recurring revenue.
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5 Health Checks for Managing Customer Retention
- 1. 5 Health Checks for Managing &
- 2. Omer Gotlieb Chief Customer Officer Totango Presenters Brian Merritt VP of Customer Success Trustpilot
- 3. 5 Health Checks for Managing Customer Retention: Product Consumption Customer Feedback Business Outcomes Service Utilization Support Escalations
- 5. Who is Trustpilot? Online community & business solution connecting consumers & businesses via reviews 140,000 reviewed websites 27,000 websites get new reviews/month 150,000 unique profiles viewed/month 24 million online reviews 700,000 new reviews/month Reviews from 120 countries 72 million visitors/year 7 million unique visits/month Over 1.4 billion impressions/month
- 6. For Businesses:For Consumers: Why does Trustpilot Exist? Open online review community to read, write, and engage with authentic reviews to provide trustworthy customer experience information and make better buying decisions. Solution to implement an automated review collection strategy, moderate and engage with reviews, and leverage reviews to accelerate business improvement and growth.
- 7. The Trustpilot Business Solution BRAND BUILDER Establish a trusted brand MARKETING ACCELERATOR Maximize digital ROI INSIGHT GENERATOR Improve customer experience
- 10. is the leader in customer success technology. "Totango is a veteran in a young market” - VP, Principal Analyst Kate Leggett in Market Overview: Customer Success Solutions, October 2014 Guy Nirpaz CEO & Founder, Totango Author, Farm Don’t Hunt Established Customer Success Summit
- 11. Connect all of your customer data to drive action Use the connected data to monitor for meaningful health changes Deliver the right engagement every time using customer behavior & triggered events With , you can:
- 12. Totango is a complete Customer Success Platform Engagement Sensors
- 13. Driving Success for Leading Software, Telecom, Media, and Tech Companies Like:
- 14. 5 Health Checks for Managing Customer Retention
- 16. 1. Product Consumption Measure, track, and report on how customers use your product. Why? • It’s the best way to know if your customers are getting value from your product or service • It’s helps identify risk. 90% of churn is preceded by poor product usage
- 17. 1. Product Consumption Things to know: • Smartly track consumption (i.e. not just log-ins) • Product engagement varies across job levels (frontline, management, execs) • Best-in-class companies focus on creating value for every user • Creating passionate, power users is key to retention • Be proactive! Send contextual messages at the right time to drive adoption
- 20. 2. Customer Feedback Proactively ask your customers for feedback throughout their journey, then act on that feedback.
- 21. Considerations for a customer feedback strategy: • Proactive collection • Timing & cadence • Easy & seamless experience • Feedback format • To incent or not to incent… 2. Customer Feedback
- 22. 2. Customer Feedback Once you have customer feedback: • Respond! • Categorize & traffic within the org • Take micro-action • Take macro-action (trends) • Ask customers if issue is improved/resolved
- 25. 3. Business Outcomes Check to see if the customer is getting the end result they desired, or at least expected.
- 26. 3. Business Outcomes How do you do that? • Identify your customer’s goals during onboarding • Roll that up into a health score • Monitor health changes and be alerted when score drops Example • Marketing automation co. • Goal: Converting Leads • 30% lead conversion = Good health • Get notification if customer trends down to 25%
- 27. Trustpilot’s results as seen in Totango 3. Business Outcomes
- 29. 4. Service Utilization Understand to what extent customers are utilizing their subscription. Blah blah blah
- 30. A good indicator of retention if: • 100% of licensed seats are active • They need to buy more seats • Increase Capacity (leads, storage, data points, ads, etc.) 4. Service Utilization
- 32. 5. Support Escalations Track the customer’s interactions with support, following any issues that arise from start to resolution.
- 33. Steps to Great Support: 1. Understand where your customers are talking to you 2. Funnel all of these to the same place 3. Use a unified voice and channel for responding/resolving 4. Consider customer value to determine action 5. Resolve 6. Confirm it was actually resolved 7. Ask for feedback on the resolution 8. Categorize/route within org based on underlying cause 5. Support Escalations
- 34. Ensure issues are socialized outside of support: • Surface issues to Customer Success through technology • Track trends with underlying causes to separate one-off’s from systematic failures • Socialize trends to relevant internal teams • Work with teams to set goals, create action plan, and measure success of improving 5. Support Escalations
- 36. 5. Support Escalations Equip Customer Success with help desk data: • Allows CSMs to course-correct their engagements so customers are brought back onto the right path
- 38. Your Homework Measure, track, and report on how customers use your product. Proactively ask your customers for feedback throughout their journey, then act on that feedback. Check to see if the customer is getting the end result they desired, or at least expected. Understand to what extent customers are utilizing their subscription. Track the customer’s interactions with support, following any issues that arise from start to resolution. Act on your insights, and watch your retention grow!
Notas do Editor
- For those that aren’t familiar, Trustpilot is a review community that helps businesses collect and publish reviews from their customers. Consumers and businesses use Trusptilot to research brands in order to make informed buying decisions. Trustpilot was founded in 2007 in Copenhagen with over 17 million online reviews for 120,000 business in 65 different countries. One thing that we’re really proud of is that our Trustpilot widgets have over 1 billion impressions a month via our partners sites, sharing 3rd party validated reviews with the world.
- Allow you to build an EWS Support every phase of lifecycle Directly connect you to Sit on a data platform that allows you to listen and connect every signal that is meaningful to customer success operations.
- Proactive collection from EVERY customer is critical Consider timing & cadence to get GOOD feedback Make it easy & seamless for the customer Consider the feedback format rating & open text! Categorize the feedback once you have it, and traffic it to the right people in the organization Act on feedback at both the micro & macro level Ask customers if they noticed improvement/resolution To incent or not to incent…
- Proactive collection from EVERY customer is critical Consider timing & cadence to get GOOD feedback Make it easy & seamless for the customer Consider the feedback format rating & open text! Categorize the feedback once you have it, and traffic it to the right people in the organization Act on feedback at both the micro & macro level Ask customers if they noticed improvement/resolution To incent or not to incent…
- Understand the channels your customer are talking to you on (social, support, phone, chat, reviews) Funnel these all to the same place (ZenDesk integration) Unified voice and channel for responding Consider customer value in your responses – higher LTV etc Following up again to make sure the issue is resolved, if not, how can we – no stone unturned Surfacing issues happening through support, social, etc. to make sure CS is aware – Totango, CRM, etc. everyone is aware, consistent Macro level – trend analysis, seasonality, UX issues, org problems, etc.
- Understand the channels your customer are talking to you on (social, support, phone, chat, reviews) Funnel these all to the same place (ZenDesk integration) Unified voice and channel for responding Consider customer value in your responses – higher LTV etc Following up again to make sure the issue is resolved, if not, how can we – no stone unturned Surfacing issues happening through support, social, etc. to make sure CS is aware – Totango, CRM, etc. everyone is aware, consistent Macro level – trend analysis, seasonality, UX issues, org problems, etc.