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CURRENT CUSTOMERS IN
FOCUS FOR 2020
We all agree that customer churn hurts. Not only customer acquisition cost is way higher but the customer reference lost is mega! Sales was always considered to be an aggressive and demanding role but customer success is catching up as the businesses realize how essential it is to reap into the experience of customers to grow our business more effectively. That’s causing a shift to prioritizing the bird in the hand. The author in the referred article below writes how this impacts the implementation strategy when churn is at the center of planning.
“Do more than change what you measure, change how you engage customers”
Arresting customer churn requires a dedicated focus, organizational integration (data liquidity), transparency and right metrics to begin with. Refer Customer Success framework here to identify the right components suitable for your business. Regardless of your journey, you’ll have to take a closer look at churn and its impact to your business before you implement or organize your Customer Success initiatives.
Read the article: Bird In Hand 2020: Customer Expansion And Reduced Churn Drive Revenue for some more industry statistics and how organizations are executing their churn reduction and customer expansion strategies.READ THE ORIGINAL ARTICLE HERE
LEVERAGE DATA MEANINGFULLY
TO ANSWER KBQs
“A data-driven churn prediction model is only valuable if it enables you to change what you’re doing in the market in a meaningful way”
Most organizations leverage analytics to get to right insights and drive business outcomes. But very few in true sense are able to move beyond gathering the knowledge. This essentially makes entire analytics initiative functionally useless.
Key Business Questions (KBQs) are forward looking questions that add sense and direction to your analytics initiative. Say for example “How can we drive organic growth for our business by increasing our average customer lifetime value?” It is imperative to invest in technology and infrastructure that supports KBQs and the required organizational changes.
Predicting or arresting churn is non-effective if there’s no bridge between insights and actions. It is only when answers are sought for KBQs that give direction to technology investment, organizational changes, team collaboration and actions.
Read the HBR article ‘Use Data to Answer Your Key Business Questions’ by Kevin Troyanos to learn about The Key Business Question Grid and how it can help you to get to the right answers for your business challenges and help you reduce churn, enhance life-time value, increase product adoption or any other business goals.READ THE ORIGINAL ARTICLE HERE
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