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Fear The Walking Churn: A retention case study

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A walkthrough of how we reduced churn by 66% in less than 18months at FullContact -- methods, results, and a cheat sheet of apps and techniques for you to try.

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Fear The Walking Churn: A retention case study

  1. 1. Hi, I’m Sean
  2. 2. Our mission is to help people stay fully connected, master their contacts and be awesome with people.
  3. 3. Contact data is scattered everywhere for Consumers
  4. 4. for Teams Employees
  5. 5. as a Platformfor Consumers for Teams Single Version of Truth for Identity Complete, Accurate Contact Info. Synced Everywhere. FullContact Cloud Address Book Security Transcription Backups Versioning Cleansing & Correction Enrichment De-duplication & Merge Validation & Verification Sync Tagging Search Sharing Storage
  6. 6. Agenda • Overview • Why Fight Churn? • Our Story • Best Practices • Q&A
  7. 7. • Churn = User stops paying for Premium • Over 9% churn in 2014 • Lots of Credit Card Churn
  8. 8. source: http://goo.gl/2vuu1n Good Churn
  9. 9. source: http://goo.gl/2vuu1n Bad Churn
  10. 10. Old Customers (definitely dead) Existing Customers (soon to be dead) New Customers (exactly)
  11. 11. Time for Darryl
  12. 12. Step 1 - First Response Minimize the Bleeding
  13. 13. Ask Why
  14. 14. Stop Sending Receipts
  15. 15. Implement Dunning Process More Personal = Higher Response Rate
  16. 16. Mobile Optimize Payment Pages Only collect the minimum info you need
  17. 17. Can you save the downgrade?
  18. 18. Collect Data on Downgrade Reasons
  19. 19. Start Collecting Data on Account Deletion
  20. 20. Step 2 - Analysis Define the Real Problem
  21. 21. Define what you’re solving Churn Total number of Customers who Downgrade or Delete their Account
  22. 22. Define what you’re solving This means we track: • New customer registration • Customer upgrades to one of multiple premium account plans • Customer downgrades their account • Customer deletes their account
  23. 23. Cohort Analysis
  24. 24. Simple Event Tracking Find out what people are doing (and not doing) in your app
  25. 25. Daily Response Analysis “Why are you deleting your account?” Percentage Missing Features (General) 11.40% Don’t Use 9.37% Too Expensive 7.73% Missing Features (Facebook) 7.34% Technical Issues (General) 4.35% Technical Issues (Messed Up Contacts) 3.57% Usability 3.38%
  26. 26. Step 3 - Form Conclusions (what’s the name of that method again?)
  27. 27. Software sucks! “My contact list went crazy! Contacts got duplicated in crazy rate to the degree my phone stopped working. Its unfortunate, as I really like your service, but still buggy! Good luck and will be waiting till you fix these issues.” “Nothing worked. I lost over 100 contacts by switching to this.”
  28. 28. If you’re going to charge on a monthly basis, you need to show and prove value daily. Day 1 Value Monthly Subscription =+
  29. 29. uh-oh uh-oh
  30. 30. Step 4 - Fix the Problem (thought I was going to trick you, huh?)
  31. 31. Refactor Backend
  32. 32. Refactor Frontend
  33. 33. Improve Onboarding
  34. 34. Deliver Daily Value
  35. 35. Ship Clients
  36. 36. Remind them of value
  37. 37. Progress! Progress!Progress!
  38. 38. Cheat Sheet
  39. 39. Systems You Should Use • Payments: Stripe • Dunning: Stunning • Churn/Analytics: ProfitWell • Events: Indicative • User Journey: FullStory • Automation/Email: Zapier • Analytics: Redshift • Surveys: SurveyMonkey • NPS: Uservoice “You can’t over invest in internal analytics”
 –Gail Goodman, CEO, Constant Contact
  40. 40. Questions?
  41. 41. Thanks! Sean Porter sean@fullcontact.com @seannui

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