In a subscription economy, customer retention is a necessary focus for business as 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 in order to retain them, you need to fully understand what their challenges are and what your product can do to alleviate the challenge and you should work towards delivering it in a way that the customer is able to achieve much more and is happy and satisfied. There is no one reason for churn and it’s up to your success manager to work towards preventing it. Most often, you run a cadence of periodic checking calls to every customer weekly, monthly, quarterly to know how they are doing and whether they are deriving value out of your product. You’re pretty much treating all your customers the same irrespective of at what stage they are in the customer life cycle. And if you have more than 100 accounts to manage it becomes a tedious task and never brings in any value.
So, how do you do it?
This is where Customer Success Platforms comes in.
But most often the Traditional Customer Success software works on a (now obsolete) rule-based engine to generate any early warning signals. What that means while you have all the access to the data and processing power, if that risk alert rule is missing, you’ll never see it. The reality is that with hundreds of data points, it is impossible for the human mind to comprehend, analyze, correlate and configure rules for Account health and alerts with accurate thresholds. Leaving you with dozens of potential blind spots and blocking you from being proactive and resulting in Churn
CustomerSuccessBox is Industry’s first AI-powered recommendation engine which will act as your secret weapon for increased customer retention. With CustomerSuccessBox, there are no more churn surprises, no more guessing on who will renew.
It will scan thousands of data points, past user behavior, CSM activities, and engagement to learn what actions and behavior lead to customer retention. It then uses and generates smart recommendations, the next best action for CSM for every account.
Get Actionable Risk Alerts
CustomerSuccessBox AI monitors every move of users across all accounts to generate SMART data-driven risk alerts when it finds anything suggesting churn to help your CSM dive right into where he is needed to save the account well in time. You get alerts when your user stops logging in or stops using a particular module or product usage drops below a threshold level or when there are overdue invoices or too many or too low support tickets to ensure you do not miss out on any of these signals that could act as a blocker in the customer journey that you had crafter for your user.
Get Notified Real-time
You can set up predefined triggers to notify you when your customers achieve a milestone or when he misses one so that you can take proactive actions to retain customers. You can get notified right into your inbox, #slack, or within CustomerSuccessBox.
360-degree Account Health
You can monitor every account based on the properties of each individual account to get a complete 360-degree view of your account. You can also configure unique Account health for each customer segment and life cycle stage to know who is deriving value from your product and who is not. The account health is not limited to just product adoption data but across 4 factors- Product health, Financial health, Service health, and Relationship health. Product health is not limited to tracking just login data or activity data but tracks every feature in your product, where you know once that feature is used or that event has happened, the value gets delivered. You can track financial health to know if there are any pending invoices greater than X amount or what is the MRR trend. You can also track the relationship health not just over emails or one channel but across all channels. The service health tracks the support interaction to give you a 360-degree view of who needs your attention and why.
Better managed portfolio by CSMs
Now you can distribute accounts to your CSM based on region, industry, or customer segment. Your CSM can now view their entire portfolio from one place. They can easily know which customer is ready to renew and can nudge them at the right time to retain and increase the recurring revenue.
Bring Order and plan through Task Boards
The CSMs are loaded with tasks like customer onboarding, renewals, upsells, advocacy, saving churns to training. One step missed can bring a huge impact on your saas retention rate. CustomerSuccessBox has task boards where you can create Tasks for each account and assign them to individual CSMs, get follow-up alerts and see what are the tasks that are due for today all in one place to bring order and plan to your daily work. Now there are no chances of missing out.
CustomerSuccessBox helps you understand Who needs hand-holding, When, and Why to help you get ahead of churn with proactive interventions.
Suggested Read: The ultimate guide to customer retention
P.S. – The main image has been taken from pexels.com