A SaaS customer only pays 5-15% of total potential Lifetime Value upfront, the rest will only come in as future revenue IF you’re able to retain that customer. And as per the Harvard Business School report. a mere 5% increase in customer retention could increase profits by 25-95%. This statistic is so important to understand the importance of retaining customers. Read on to know how CustomerSuccessBox helped increase SalesScreen retention rate.
SalesScreen is a global sales platform with Headquarters in Oslo, Norway. SalesScreen combines gamification with data visualization to keep modern sales teams motivated and engaged. Today, SalesScreen platform is being used by thousands of sales teams across the world.
SalesScreen in their initial days were just using Salesforce to Onboard their customers. The Customer Success Manager (CSM) was not getting a detailed overview of the customers and since Salesscreen followed a very lengthy Onboarding process with multiple steps, many a time the CSM was missing out on these important steps. They were not able to track whether the customers were actually doing all the steps that were agreed upon in the Onboarding plan and correct along the way if things were not moving as per the plan.
As a result, they were not able to show early value to customers and were facing a huge Onboarding Churn. To top it all, the CSMs would rely on notes taken, emails sent and received to understand what is actually going on with the customer. This process was tedious and required back and forth. Quite often they would miss out on an important update and be wasting valuable time. They were unable to handle growing accounts at this pace.
This was the time when Head of Client Success- Marius Ekerholt thought of getting a customer success platform. Most Customer Success Platforms that were available although were heavy on data and never provided insights on what needs to be done to stop Onboarding Churn until they found CustomerSuccessBox.
Before CustomerSuccessBox, we were using CRM and spreadsheet data for our onboarding. The CSMs were not getting a detailed overview of where the customer was in their onboarding journey and as result was facing Onboarding churn.
By using CustomerSuccessBox we have able to increase our retention rate by 10% in the year 2020.
Marius Ekerholt, Chief Product Officer and Head of Customer Success, SalesScreen
Solution Offered by CustomerSuccessBox
During the discovery call and demo itself, SalesScreen had stated they were facing challenges with onboarding churn and managing growing accounts. After understanding the use case, the implementation plan was laid out. The integration with the customer technology stack ( product telemetry, CRM, support, Billing, Analytics, etc were done). In consultation with SalesScreen, configured automatic calculation 360-degree account health to let the customer know exactly what is happening with the account and what intervention is required to derive value. The rules, tasks, and alerts were configured based on the user engagement data to help the CSMs know when to intervene and what tasks need to be done at each stage of the customer lifecycle journey.
For example- By using the CustomerSuccessBox platform, the CSMs of SalesScreen were able to set alerts for cases such as a decrease in product usage and no touchpoints / poor relationship with the customer and as well as alerts to indicate which customers are doing really well to learn from them and taking over these learnings to those who are lagging behind and help them derive value at the quickest possible time.
To fight the Onboarding churn, the CSMs were now using the Onboarding playbook. The Onboarding process became more structured and defined. The CSM was able to know at what stage each customer is in their onboarding journey and identify the early warning signs for proactive support and drive retention.
The Account 360-degree feature helped the CSMs of Salesscreen to view every possible information of the customer on a single page. Right from the usage trend, from touchpoint trend to daily active users, everything that was relevant for them to know about the customer and be able to help the customer in deriving value by using SalesScreen platform.
Most importantly, by using the CustomerSuccessBox platform, now the CSMs were able to plan their day better and manage more accounts and balance the demand on the time spent on each account.
Result
The year 2020 was a challenging year globally due to the pandemic- Covid 19. Worldwide it was a difficult time for doing business. Many companies had to shut shop and others were struggling to retain customers. However, SalesScreen had a different story to tell. Unlike other companies, where customers were churning due to the economic crisis, SalesScreen was able to reduce churn by 10% over 2019 which is a huge achievement in Saas Economy. This brought about a significant change in the revenue growth of the company.
Do you want to achieve similar results? Do you want to drive retention and catapult your revenue growth? Book a demo today.
Suggested Read: The ultimate guide to Customer Retention
P.S. – The main image has been taken from pexels.com
