For a B2B SaaS company, a customer may churn anytime, but the premonition and signs would have been there from some time before. This prediction and positioning can happen correctly with the customer health score metric in place. A customer health score predicts whether the customer will stay with the company or churn. The customer health score is a leading metric that helps you understand what your customer is doing and if they could possibly churn. Customer health scores will help arrest churn with the right indicators.
The customer health score is a dynamic metric and plays a critical role. While every company measures customer health scores differently, the best way to do that is with intelligent software. A good customer success tool can help you measure the customer’s engagement with the product and monitor any vital signs. Any warning signs will be communicated rightly, so you have full clarity on how to proceed.
Monitor Customer Health Score
SmartKarrot’s customer health score feature monitors customer health, product adoption, engagement, service segments, relationship health, and ensures proactive dissemination of data.
Customer health score makes it easy for customer success professionals to understand, gauge, and estimate how a certain account or portfolio is performing with respect to retention or churn.
In SmartKarrot’s customer success board- you can view how each customer account is performing against their revenue. This also gives you an idea of their overall health score at the moment.
The board gives you an aggregate of how many customer accounts have a good/moderate/bad health score.
Once the CSM knows this information, they can take appropriate action. Action can be any initiative taken towards a certain account to increase engagement or communication. In this case, you can add a touchpoint, add a task, create an alert for the same, or associate it with a success play.
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Product Success for Customer Health Score
Product success and product adoption are necessary for customer success. With the SmartKarrot customer success tool, you can ensure all customer-related information is at your fingertips. The heat map for product success indicates how the product is being used every day, and by how many people as matched to a health score.
Account Intelligence with Customer Health Score
SmartKarrot’s account intelligence feature helps you track and be aware of significant changes in customer accounts proactively. For multi-product enterprises, this feature is specifically helpful in knowing which product is performing well and why.
Health Score Trends are also deduced on an average basis. Every cycle, you get a health score trend regarding how the customers are behaving toward the product.
Parameter Health Index
The SmartKarrot platform helps you ascertain how each index is performing on a week-on-week basis. The various parameters include touchpoint index, duration index, account risk rating, product adoption, retention index, support tickets, and NPS index. It is also possible to add a custom index for utilizations, licenses, etc., per customer requirements. You can check the status of each index, whether the trend is increasing, decreasing, or neutral.
Alerts for Customer Health
The SmartKarrot dashboard presents all customer accounts in three baskets- strong, moderate, and weak. In this case, there are nine accounts. 6 accounts are in the strong section with 30 alerts. You can even check the ARR value of the account. You can see 13 alerts in place for accounts with average health scores.
The SmartKarrot platform also displays alerts every time the health score band changes. The ARR value is also available for CSMs to view.
In the SmartKarrot platform, the customer universe is a snapshot of all customer accounts matched with their health scores. Customers can be filtered based on phases like steady, onboarding, advocacy, and undefined. The dots are indicators of the health of customers for a particular phase. It is the time period taken into account in a particular phase and their matching health score. The red flag is an indication to complete actions on time. The orange or moderate dots mean the tenure to complete an action has been extended, but not so much. This is still an indicator to speed things up and escalate actions.
You can also check the revenue (ARR) of each account to ascertain profit or loss to the company. This also gives you an idea of how you need to speed up things to reach customer satisfaction levels.
Reporting for Customer Health Score
The reporting feature of customer health score gives you a summary of the account or all accounts based on what you need.
The reports for customer health scores give the customer success manager an idea of the risk involved with each account. Customer behavior for a particular time frame or phase can be noted. The report also gives you the average health score of all accounts. You can also note individual health scores along with their ARR.
How to Implement the Customer Health Score in the SmartKarrot platform?
In case you think the implementation of customer health scores is tough, you are mistaken. Customer health scores are tracked automatically on the SmartKarrot platform keeping the engagement indices in mind. The customer health score is an action initiator and, when used with other SmartKarrot features like reporting, success plays, etc., can be a powerful tool. The platform can drive success by keeping various phases and milestones in mind.
The SmartKarrot customer success platform manages, tracks, and measures customer data to ascertain a health score. The intuitive platform involves the use of augmented intelligence to delve into overall product usage, customer satisfaction levels, renewals, upsells, and customer engagement. The best tools can give you the best results and help you stay ahead of any risks and issues. By knowing the customer health score, you can streamline operations accordingly and reduce churn.22
SmartKarrot’s suite of features like touchpoint management, reporting, augmented intelligence, playbooks, and segmentation will help customer success teams enhance their customer success and chart the script for lasting customer relationships.
You might also like:
- How to define your Customer Health Score? – Customer health score is allotting scores to customers based on certain aspects of output. Check the customer health model and what is a good health score.
- To understand how SmartKarrot can helps SaaS companies keep and grow loyal customers, Request a Demo.
Shivani is a talented CS manager with the skillsets to elicit, scope and manage end-to-end B2B SaaS project delivery. She has a keen interest in depicting her learnings in customer success by writing resourceful blogs and articles.
Published April 25, 2022, Updated April 27, 2023