Strategies to Minimize Churn
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The document discusses issues a customer is having including being overpromised by sales, poor onboarding, not realizing value from the product, and needing more support. It states the customer is getting attention from competitors and may go out of business. It then provides recommendations around setting realistic expectations, understanding the customer journey, being proactive in monitoring customer behavior, identifying detractors, avoiding over-committing to customers, tracking churn correctly over time, and using negative churn to counter lost revenue and drive growth.
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1.2. How often do you want to (or can) update your customer health score?
1.3. What elements do you want to look at?
- Usage,
- Engagement,
- NPS score,
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- Executive alignment.
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1.5. Is it only quantitative information, or also qualitative?
2. Phase 2: Put your health score into practice.
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2.2. Gain adoption from the teams.
2.3. Begin using health as a measure of performance for customer success and product teams.
3. Phase 3: Analyze and iterate.
3.1. Are we calculating the health score often enough? How frequently is it changing?
3.2. Are each of our metrics something the teams can influence? Are we looking at the most impactful metrics?
3.3. Are our weights correct?
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The document discusses a framework for assessing an organization's customer success maturity level across four stages:
1) Performing CPR - No formal customer success processes or team in place. Focus is on performing crisis management for at-risk accounts.
2) Fire Fighting - Limited customer success team focuses on addressing issues with at-risk accounts. Basic monitoring systems are established.
3) Proactively Reducing Churn - Customer segmentation and defined engagement plans are in place for both healthy and at-risk customers. Account health scores are monitored.
4) Driving Value - Proactive engagement aims to drive growth and innovation. Processes are optimized using data to renew accounts and drive additional sales. Best practices and insights
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When you are growing and scaling fast, it is easy to ignore the fundamental operating model of your company. Most founders don't pay attention to it until things start breaking or growth slows. And many assume it is only a people problem. True operational excellence for customers lies at the intersection of people, processes and systems. This panel will share the best practices and models that will help you set up a strong foundation to help you scale your customer teams and unlock growth opportunities.
RFM Model Conversion Week
Presentation on how to build an RFM Model for your business, whether online or offline and make the most out of the clients you already have.
Selling process and managing sales information
The document outlines the key steps in the selling process: prospecting, pre-approach, approach, presentation, handling objections, closing, and follow-up. It also discusses prospecting in more depth, including differentiating between leads, prospects, and qualified customers. Additionally, it covers different prospecting methods, pre-approach strategies, approaches to customers, and techniques for handling objections and closing the sale. Maintaining good customer relationships through follow-up is also emphasized.
Consumer behaviour (Mod. 1)
these slides gives depth knowledge regarding consumer behavior. Marketing manager and students of Marketing can increase their knowledge regarding this aspect.
Customer Engagement
The document discusses customer engagement and defines different types of customers. It provides definitions for external customers, internal customers, primary customers and secondary/tertiary customers. The purpose of engagement with primary customers or trade partners is to sell existing and new products repeatedly. Engagement methods include push and pull strategies directed at trade partners and end consumers. Key aspects of measuring and developing engagement with trade partners are also outlined. Effective customer engagement can drive revenue and profitability through engaged customers and associates.
Customer Analysis
The document discusses conducting a customer analysis to better understand customers and their needs in order to develop effective marketing strategies. A customer analysis examines who the customers are, what their needs and buying behaviors are, and the stages of their decision making process. Understanding this information helps businesses create products that meet customer demands, attract new customers, build loyalty, and grow sales. The document outlines the typical stages a customer goes through when making a purchase decision and how businesses can position themselves at each stage.
Bba project about customer centric
The document discusses customer centricity and its importance for businesses. It defines different types of customers - satisfied customers provide referrals but few in number, while delighted customers provide many referrals and are loyal assets. Dissatisfied customers can severely damage businesses. The document emphasizes that customer satisfaction should be a top priority for management and all employees to drive business growth. It provides methods to estimate customer lifetime value and use customer insight for new product development.
Crm strategy
Working document about CRM from a Strategic perspective. More content will be added over time. Content derived from sources as (i.a.) Peppers & Rogers, Kaplan & Norton, McKinsey, HBR.
CRM Analytics - Marketelligent
This document discusses how analytics can be added to CRM to improve customer acquisition, development, retention, and lifetime value. It shows how analytics can be used across the customer lifecycle to win the right customers, create lasting bonds, and protect customers for life. Specifically, it discusses how analytics can be used to understand customers, acquire new customers through improved targeting, cross-sell and upsell the right products, design new products, and improve post-sales servicing. The key benefits highlighted are lowering direct marketing costs with predictive scorecards, increasing product revenues through better customer segmentation, focusing on high value customers, and maximizing yield through optimal pricing.
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS
Himabindu Aratikatla
University of the Cumberland's
March 22, 2020
Introduction
Yore Blends (YB) is a fictional online company dedicated to selling subscription-based traditional spice blends coupled with additional complementary products.
Yore Blends (YB) aspire to growing through mergers and acquisitions.
To do this, they need a strong customer base and steady revenue.
Yore Blends is concerned with the rate of customer churn.
Company’s Problem
Yore Blends has been in existence for years.
Nonetheless, the company is considering to expand through mergers and acquisition.
However, they are experiencing customer churn.
A considerable percentage of its clients don’t purchase their goods anymore.
As a result, the company needs to reduce customer attrition by at least 16%.
Causes for Customer Churn
Poor customer care service:
The company minimized rather than maximizing client cost
Bad onboarding:
Yore Blends clients failed to get value for the purchased products.
Clients might have lost interest in the company’s products.
Many companies think of customer service as a cost to be minimized, rather than an investment to be maximized. Here’s the issue with that: if you think of support as a cost center, then it will be. That is, if you don’t prioritize support and work to deliver excellent service to your customers, then it’s only going to cost you money…and customers. A disproportionate amount of your customer churn will take place between (1) and (2).
That’s where customers abandon your product because they get lost, don’t understand something, don’t get value from the product, or simply lose interest.
Bad onboarding – the process by which you help a customer go from (1) to (2) – can crush your retention rate, and undo all of that hard work you did to get your customers to convert in the first place.
4
Causes for Customer Churn (Cont.)
Limited customer success:
Lack of updates regarding new products
Extended absence of the company-client communication
Natural Causes:
Customers may have grown out of the products.
May have resulted due to Vendor switches might
While onboarding gets your customer to their initial success, your job isn’t done there. Hundreds of variables – including changing needs, confusion about new features and product updates, extended absences from the product and competitor marketing – could lead your customers away. If your customers stop hearing from you, and you stop helping them get value from your product throughout their entire lifecycle, then you risk making that lifecycle much, much shorter. Furthermore, Not every customer that abandons you does so because you failed. Sometimes, customers go out of business. Sometimes, operational or staff changes lead to vendor switches. Sometimes, they simply outgrow your product or service. (Salloum, 2016)
5
REASONS TO ANALYZE CUSTOMER CHURN
The company will be in a position to understand c ...
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS
Himabindu Aratikatla
University of the Cumberland's
March 22, 2020
Introduction
Yore Blends (YB) is a fictional online company dedicated to selling subscription-based traditional spice blends coupled with additional complementary products.
Yore Blends (YB) aspire to growing through mergers and acquisitions.
To do this, they need a strong customer base and steady revenue.
Yore Blends is concerned with the rate of customer churn.
Company’s Problem
Yore Blends has been in existence for years.
Nonetheless, the company is considering to expand through mergers and acquisition.
However, they are experiencing customer churn.
A considerable percentage of its clients don’t purchase their goods anymore.
As a result, the company needs to reduce customer attrition by at least 16%.
Causes for Customer Churn
Poor customer care service:
The company minimized rather than maximizing client cost
Bad onboarding:
Yore Blends clients failed to get value for the purchased products.
Clients might have lost interest in the company’s products.
Many companies think of customer service as a cost to be minimized, rather than an investment to be maximized. Here’s the issue with that: if you think of support as a cost center, then it will be. That is, if you don’t prioritize support and work to deliver excellent service to your customers, then it’s only going to cost you money…and customers. A disproportionate amount of your customer churn will take place between (1) and (2).
That’s where customers abandon your product because they get lost, don’t understand something, don’t get value from the product, or simply lose interest.
Bad onboarding – the process by which you help a customer go from (1) to (2) – can crush your retention rate, and undo all of that hard work you did to get your customers to convert in the first place.
4
Causes for Customer Churn (Cont.)
Limited customer success:
Lack of updates regarding new products
Extended absence of the company-client communication
Natural Causes:
Customers may have grown out of the products.
May have resulted due to Vendor switches might
While onboarding gets your customer to their initial success, your job isn’t done there. Hundreds of variables – including changing needs, confusion about new features and product updates, extended absences from the product and competitor marketing – could lead your customers away. If your customers stop hearing from you, and you stop helping them get value from your product throughout their entire lifecycle, then you risk making that lifecycle much, much shorter. Furthermore, Not every customer that abandons you does so because you failed. Sometimes, customers go out of business. Sometimes, operational or staff changes lead to vendor switches. Sometimes, they simply outgrow your product or service. (Salloum, 2016)
5
REASONS TO ANALYZE CUSTOMER CHURN
The company will be in a position to understand c.
Customer Claims Management: A New Paradigm
This document discusses the importance of effectively handling customer claims and complaints. It provides the following key points:
- Most dissatisfied customers do not voice complaints, so when a complaint is made it represents many other unhappy customers. Resolving complaints satisfactorily can lead to customers staying and increased loyalty, while mishandling complaints risks losing customers.
- Customer satisfaction is a key business metric and poor complaint resolution is an indicator of future decline. Complaints represent customers' specific issues and desire to feel valued by the company.
- Companies should treat complaints as valuable feedback rather than reacting defensively. Thoroughly investigating the root cause, keeping the customer informed and involved, and implementing corrective actions
Similar to Strategies to Minimize Churn (20)
5 Ways to Retain & Grow Customers through Customer Success
5 Ways to Retain & Grow Customers through Customer Success
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Calling Customers: It's About Time to Stop Guessing
5 Customer Challenges as You Scale and How to Fix Them with mParticle, Conflu...
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ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docx
Strategies to Minimize Churn
- 2. Customer was overpromised by sales team Customer onboarding was not done well Customer is not realizing value Customer needs more support in using the product Customer is getting a lot of attention from competitors
- 3. Customer goes out of business A new stakeholder has a different product preference Customer needs custom features that are not in the product roadmap An unreasonable customer
- 4. Setting realistic expectations in the sales process Understanding the entire customer journey with your product Being proactive & monitoring customer behavior as they interact with your product NPS Identify passives & detractors
- 5. A Positive Force Negative Churn: Expansion in revenue from your existing customer base to counteract loss of revenue from churn There will be some attrition from early-type customers Medium & enterprise customers $MORE REVENUE NEGATIVE CHURN! Tracking both logo churn & revenue churn is important
- 6. Tracking churn critical to overall success Need to calculate it correctly, track it correctly over the same time periods & benchmark against parallel sources Avoid over-committing to customers, track customer journeys Negative churn – The ultimate tool for positive growth