Reduce churn
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How to reduce churn and make your customers loyal
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Reduce churn
- 1. How to reduce churn and make your customers loyal Sukhpreet Anand @sanand_24
- 2. Reducing churn should be a priority @sanand_24
- 3. Not all churn is the same @sanand_24
- 4. Don’t discriminate between your customers @sanand_24
- 5. Personal and honest Engage proactively if possible React and prioritise according to team goals Feedback and share insights with the team Educate on product + process best practices: add value Contact the right person: decision maker, user, etc Timely followups at key points PERFECT churn key points @sanand_24
- 6. Find out: Why? What did they like and dislike? Where are they going? Share with the wider business and plan to improve Don’t be ‘reactive’ to every bit of feedback, but take note If they still decide to leave... @sanand_24
- 7. Don’t leave them alone Give extra care Don’t just show, but guide - turn them into advocates Share relevant resources Upsell when you can solve new problems or provide new You kept them! Celebrate: @sanand_24
- 8. - Marketing: set expectations - Sales: set expectations, reduce ‘bad-fit’ sales - Support: ABG - always be great! - Success: be proactive - Product: solve bugs and reduce user pain Churn reduction is a team sport @sanand_24
- 9. Create a regular feedback report with key lessons and actions Share it with the entire business - everybody should care Don’t send robotic emails - be personal and empathetic Pull in favors where you can! Get everyone involved @sanand_24
Notes de l'éditeur
- Reducing churn can dramatically boost your business Graph shows how just halving churn can generate much more revenue over the same time period. What could your business do with more cash in the bank? More cash = your business can afford to take more risks in growth, give more firepower, provide better service, improve product, etc. Churn reduction should be a top priority for your business.
- There are two types of churn Controllable Churn, which is because of things like: Poor customer service missing functionality Feature set not working 2. Uncontrollable Churn - Infrastructure changes - Company changes You should understand how this applies to your existing churn rate: it may be that many churn requests are from companies who are being acquired, and therefore no longer need your service, or it may be that you’re losing a lot of customers because of poorly set expectations about a particular feature.
- Some businesses choose to discriminate and focus their efforts on a particular type of customer. Either Premium/High end customers, who are: Large businesses Have a high number of seats Are global leaders Spend a lot Minor customer Small businesses 1-2 seats holders Spend a minimal amount Focus on both! They have many similarities - just like in the photos both cars are red and have 4 wheels - both types of customer use your product, and their insights can solve issues that your customers might run into in the future. Opportunity to make users in both groups loyal and even look to upsell to higher plans.
- PERFECT rules for churn Be personal and honest at all times Engage before a customer wants to cancel, if you can: see what signals are available in your product or usage metrics to identify earlier React accordingly - your churn goal might be to save a higher amount of revenue, or to prevent your customer number from dropping, etc Feedback everything - be transparent with your team about the causes of churn Educate your customers to add value with the way they use your product, or even their internal processes Make sure your contacting the right person who has ‘pain’ - might be users having usage pains, finance team complaining about cost, etc. Follow up at key points - can you win back customers after a few months or prevent future account churn?